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NeX [460]
3 years ago
15

​Martinville, Inc. earned revenues of $ 17,000 and incurred expenses of $ 7,000. The company declared and paid cash dividends of

$ 2,500. What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings​ account?
Business
1 answer:
vladimir1956 [14]3 years ago
4 0

Answer:

$10,000

Explanation:

A company's income is either shared out as dividends or kept in as retained earnings. Therefore, the total of retained earnings and dividend paid out is the net income. This is the amount that will reflect in the income statement. In other words, income is calculated first before dividends or retained earnings are declared.

For ​Martinville, income will be calculated first before dividends are paid. Net income will be

=revenue - expenses

=$17,000 -$7,000

=$10,000

Balance in the Income Summary account was $10,000

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The following table shows a portion of a three-year amortization schedule. A 3-year amortization schedule. The loan amount or pr
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The calculation on monthly payment of interest can be done by ascertainment of the interest paid for two years and division of such amount by total number of months.

<h3>Calculation of Monthly Payment</h3>

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brainly.com/question/22891559

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