Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit

Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.29E: Preparation of a Statement of Retained Earnings from Closing Entries Fisher Corporation reported a...

See similar textbooks

Similar questions

Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account?
Account
Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Salaries expense Insurance expense Depreciation expense-Equipment Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit
Please Provide correct option with explanation
Give me solution
Tutor help me
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,500 Dividends 7,700 Revenue 22,000 Rent expense 2,200 Salaries expense 5,250 Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13.965 debit. $6,265 credit. $14,985 credit. $13,965 credit.
Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…
Closing entries with net incomeAutomation Services Co. offers its services to companies desiring to usetechnology to improve their operations. After the accounts have beenadjusted at December 31, the end of the fiscal year, the followingbalances were taken from the ledger of Automation Services: Fees EarnedDividendsRent ExpenseRetained EarningsSupplies ExpenseWages ExpenseMiscellaneous Expense $ 614,50045,000140,0003,250,00018,200320,0008,700 Journalize the closing entries.
A company's ledger accounts and their end-of period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters. Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue Rent expense Salaries expense Insurance expense Depr. Expense-equipment Accum depr.-equipment $ 7,000 9,600 29,000 3,600 7,200 920 500 1,500
$9,200 credit. $20,400 credit. $22,020 credit. $20,400 debit.
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue $8,500 11,900 34,000 Rent expense 3,400 Salaries expense 7,950 Insurance expense 380 Depreciation Expense-equipment 580 Accumulated depreciation-equipment 1,740 $21,690 credit. $21,690 debit. $9,790 debit. $9,790 credit.