QUESTION 4 The income statement for the year 2020 of Tango Co. contains the following information: Revenues Product Revenues Service Revenues $70,000 26,000 Expenses Salaries & Wages Expense $46.000 Rent Expense 11,000 Utilities Expense 3,000 Insurance Expense 4,000 Additionally, during the year dividends of $25,000 were paid to investors. Calculate the total amount in dividends to be closed to retained earnings.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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QUESTION 4
The income statement for the year 2020 of Tango Co. contains the following information:
Revenues
Product Revenues
Service Revenues
$70,000
26,000
Expenses
Salaries & Wages Expense
$46.000
Rent Expense
11,000
Utilities Expense
3,000
Insurance Expense
4,000
Additionally, during the year dividends of $25,000 were paid to investors.
Calculate the total amount in dividends to be closed to retained earnings.
Transcribed Image Text:QUESTION 4 The income statement for the year 2020 of Tango Co. contains the following information: Revenues Product Revenues Service Revenues $70,000 26,000 Expenses Salaries & Wages Expense $46.000 Rent Expense 11,000 Utilities Expense 3,000 Insurance Expense 4,000 Additionally, during the year dividends of $25,000 were paid to investors. Calculate the total amount in dividends to be closed to retained earnings.
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