1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jek_recluse [69]
3 years ago
7

The Retained earnings account has a credit balance of $23,800 before closing entries are made. Of total revenues for the period

are $75,200, total expenses are $55,000, and dividends are $12,600, what is the ending balance in the Retained earnings account after all closing entries are made
Business
1 answer:
skelet666 [1.2K]3 years ago
4 0

Answer:

The ending balance in the retained earnings account is $31400.

Explanation:

The ending balance in the retained earnings accounts is equal to the opening balance of the retained earnings account plus the addition to the retained earnings for the year.

The addition to retained earnings will be the Net income less dividends.

The net income for the year was = 75200 - 55000 = $20200

Addition to Retained earnings = 20200 - 12600   = $7600

Closing balance of retained earnings = 23800 + 7600  = $31400

You might be interested in
Which of the following is a potential safety hazard?
maxonik [38]

Umm... I can't find the choices... So, those are the choices I made up that are correct to your question.


  • Spills covering grounds or falling hazards, such as blocked paths or cords going over the ground.
  • Working from heights, including ladders, scaffolds, roofs, or an elevated workspace.
  • Unguarded device and moving machine pieces; guards dismissed or moving pieces that a worker can unintentionally touch.
6 0
3 years ago
Read 2 more answers
The _____ is the product of the percent complete and the sum of the estimated costs of all the specific activities that make up
____ [38]

The answer is the total budget cost. It is the one responsible of the expense that the company needs and the estimated expense that they had used that may be of use as their basis and for the their future  period.


7 0
3 years ago
Tucker Company makes chairs. Tucker has the following production budget for January - March. January February March Units Produc
ziro4ka [17]

Answer:

Total= 45,684 feet

Explanation:

Giving the following information:

Production budget:

February= 10,993

March= 8,559

Each chair produced uses 5 board feet of wood.

Management wants an ending inventory level of raw materials to equal 20% of the production needs (in wood) for the next month.

Direct material budget:

Production= 10,993*5= 54,965

Desired ending inventroy= (8,559*5)*0.2= 1,712

Beginning inventory= (10,993*5)*0.2= (10,993)

Total= 45,684 feet

6 0
3 years ago
Mateo exchanges a rental house at the beach with an adjusted basis of $225,000 and a fair market value of $200,000 for a rental
FromTheMoon [43]

Answer:

a.$0

Explanation:

Adjusted basis is the cost of a property and other related costs incurred in acquiring, maintaining, or upgrading the property.

Fair value represent the worth of a property. It is the amount that one should expect to fetch from the market if they were to sell the property.

The fair value or the worth for Mateo's rental house is $200,000. He obtains another rental house with a fair value of $180,000 and cash $20,000.

He exchanged property worth  $200,000 for $200,000

7 0
2 years ago
A landscaping company accepts MasterCard as payment for $1,000 worth of services. MasterCard charges a service fee of 2 percent.
Novosadov [1.4K]

Answer:

Dr   Cash     1020

               Cr         Service revenue   1000

               Cr          Service fee           20

Explanation:

 Service fee is expense of individual who is purchasing not store's expense.

- Total cash received by store is $ 1020 because 2% is service charges by master card,its is income of master card not store so store will treat as liability.

The only revenue of store is $1000.

3 0
3 years ago
Other questions:
  • The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 2500 units, the actual direc
    15·1 answer
  • Patti Company owns 80% of the common stock of Shannon, Inc. In the current year, Patti reports sales of $10,000,000 and cost of
    9·1 answer
  • There are four categories of ___________ brands: premium, generic, copycat and exclusive co-brands.
    13·1 answer
  • Cash is King!Good cash management is an essential job of the financial manager! You own a small auto sales business called King
    11·1 answer
  • On September 1, 2012, Valdez Company reacquired 16,000 shares of its $10 par value common stock for $15 per share. Valdez uses t
    9·1 answer
  • Clara is vacationing in Austria. Which currency will she use to pay for breakfast in her hotel's restaurant?
    7·2 answers
  • How would the inventory cost change if labeling and packing were moved to the DC? Assuming the demands are independent of each o
    13·1 answer
  • The four components of planned aggregate expenditure are: A. spending on domestic goods, domestic services, foreign goods, and f
    14·1 answer
  • A portfolio consists of three index funds: an equity index, a bond index, and an international index. The portfolio manager chan
    5·1 answer
  • Gregg Company uses the allowance method for recording its expected credit losses. It estimated credit losses at three percent of
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!