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Monica [59]
3 years ago
5

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri

es are posted, what will be the balance in the Retained earnings account? Total revenues $ 145,000 Total expenses 69,600 Retained earnings 92,800 Dividends 17,400
Business
1 answer:
Ilia_Sergeevich [38]3 years ago
6 0

$150,800  will be the balance in the Retained earnings account.

Solution:

All the provisional accounts will be closed throughout the closing process at the conclusion of the accounting cycle. A trial balance is available after completion to test that the final debits are the same as total credits.

Formula to calculate retained earnings:

Beginning balance retained earnings + Revenues - Expenses - Dividends

$92,800 + $145,000 - $69,600 - $17,400 = $150,800

Revenue is the sum obtained from the sale to buyers of goods and services. During the operation, expenses are costs associated. Dividends shall be paid to their owners out of a corporate profit. The deferred benefit is the income earned throughout the company's lifespan.

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Sauder Corporation reports the following information: Net income $380,000 Depreciation expense 70,000 Increase in accounts recei
kodGreya [7K]

Answer:

Cashflow statement gives the true state of affairs of a business with respect to cash and cash equivalent. Whereas a company may report good profit, it may be running an unhealthy business because of its poor management of cash resources. As a result, such a business may run into troubles.

Cash from operating Activities is a healthy way of evaluating the core operations of the business, to make good investment judgment around the profit reported.

Net Income = $380,000

Add Depreciation (non- cash expense) = $70,000

Deduct Increase in Accounts receivables (non-cash income) = $30,000

Cash from operations = $420,000.

5 0
4 years ago
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What is the best way for a certifying officer to prevent pecuniary liability?
vredina [299]

Answer:

By only certifying travel documents that are legal, proper, and correct.

Explanation:

5 0
3 years ago
In attempting to become financially organized a person must ?
IgorC [24]
A person must frequently discover the complexity of his or her financial situation.
8 0
3 years ago
On January 1, Brad Inc. sold $30,000 in products to a customer on account. Then on January 10, Brad collected the cash on that a
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Answer:

No net effect on the accounting equation.

Explanation:

Given that,

On January 1, Products sold to a customer on account = $30,000

On January 10, Cash collected from a customer = $30,000

Accounting equation is as follows:

Assets = Liabilities + Stockholder's equity

On January 10,

The cash of $30,000 is received from the customer which increases the assets by $30,000 and reduces the accounts receivable by $30,000 which is also a part of assets. Therefore, there is no change or impact on the accounting equation.

3 0
4 years ago
Transactions are posted into ledger account from ---
BaLLatris [955]

Answer:

The correct answer is "Journal entries passed in the journal".

Explanation:

  • Posting throughout ledger has always been decided to make from transactions throughout the journal passed across.
  • This becomes important to keep in mind that almost every entrance in something like a journal would also have to be commented on among all transactions debited or otherwise given credit throughout the entry to something like the journal.
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