What amount is debited or credited to retained earnings of this financial accounting question? Horizon Tech Inc. had revenues of $500,000, expenses of$320,000, and dividends of $60,000.When Income Summary is closed to Retained Earnings, whatamount is debited or credited to Retained Earnings?

Step 1: Calculation of Net IncomeNet Income = Revenues - ExpensesNet Income = $500,000 - $320,000Net…

Answered: Horizon Tech Inc. had revenues of…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 17E

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Horizon Tech Inc. had revenues of $500,000, expenses of $320,000, and dividends of $60,000. When Income Summary is closed to Retained Earnings, what amount is debited or credited to Retained Earnings?