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charle [14.2K]
3 years ago
5

The net increase or decrease in Retained Earnings for a period is recorded by closing entries.

Business
1 answer:
eimsori [14]3 years ago
8 0

Answer:

True

Explanation:

The net revenue or net loss would be expressed in the retained earnings account statement.

The computation of the ending retained earning balance is shown below:

The ending balance of retained earning = Opening balance of retained earnings + net income or net loss - cash dividend paid

These are the closing entries which are shown below:

Income summary A/c Dr

      To Retained earning

(Being the difference is credited to retained earning)

Retained earnings A/c Dr

       To Cash Dividend A/c

(Being dividend account is closed)

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Donna has a home currently worth $142,000, for which she still owes $63,000 on her mortgage. She has $18,000 in student loan deb
Elan Coil [88]

Answer:

$49,000

Explanation:

Donna's net worth is the total value of her assets minus the total value of her liabilities.

Donna's total assets = $142,000 + $1,000 = $143,000

Donna's total liabilities = $63,000 + $18,000 + $13,000 = $94,000

Donna's net worth = $143,000 - $94,000 = $49,000

8 0
3 years ago
Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end:
gregori [183]

Answer:

What is allowance for doubtful debt?

This represents management's estimate of the amount of accounts receivable that will not be paid by customers. They are amount owed by debtors, whose likelihood of collection is not certain.

1 Bad debts expense Dr   ($18,000 × 0.25%)  $45  

              To Allowance for Doubtful Accounts $45

(Being the bad debt expense is recorded)

2.  Bad debts expense $45        

          ($72 - $27)

              To Allowance for Doubtful Accounts   $45

(Being the bad debt expense is recorded)

3 Bad debts expense    $105      

           ($72 + $33)

           To Allowance for Doubtful Accounts $105

(Being the bad debt expense is recorded)

4 Allowance for Doubtful Accounts $15  

           To Accounts Receivable  $15

(Being the allowance for doubtful accounts is recorded)

Learn more about allowance for doubtful debts here : brainly.com/question/25687295

Explanation:

4 0
2 years ago
If some one makes a deal to not work for 2 years and will pay you 100 billion dollars or should you choose a different man who s
-BARSIC- [3]
You would choose the last one. In two months, you make more money thank you would in those two years for the first man. 
3 0
2 years ago
For each of the scenarios, calculate the surplus and indicate if it is a producer surplus or a consumer surplus. Alice is willin
elena-14-01-66 [18.8K]

Answer:

Producer surplus.

Explanation:

Producer surplus is the difference between the price of a product they're willing to sell and the price they're gonna actually received. In this case she is willing to spend $30 + $10 coupon and she buys $35 pair of jeans.

So, she's only paying $30, that means seller is receiving $5 less.

Therefore, producer surplus is $5.

8 0
2 years ago
Decision alternatives:_______
LenaWriter [7]

Answer:

The correct answer is letter "A": should be identified before decision criteria are established.

Explanation:

Decision criteria represent the set of steps individuals take while making a decision. Before taking a decision and selecting decision criteria, the decision alternatives must be outlined. Thanks to these alternatives a problematic situation will be resolved.

3 0
2 years ago
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