The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $ 2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closin have been posted, Retained Earnings will have a balance of O a. $3,000 credit. O b. $5,200 credit. O c. $1,000 debit.

The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $ 2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closin have been posted, Retained Earnings will have a balance of O a. $3,000 credit. O b. $5,200 credit. O c. $1,000 debit.

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Description: Please do not give solution in image format thanku The following information is from the Income Statement of Ike's Lawn Service for the quarterending September 2022:Service Revenue $4,500ExpensesSalaries and Wages expense $ 2,000Supplies expense 400I

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 10MCQ: Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income...

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