Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a is a credit of $137000 right?
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Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a
is a credit of $137000 right?
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- On a worksheet, the Income Statement debit column equals P798,000 and the credit columnequals P710,000. Which of the following statements is correct? a. The company realized a net income of P88,000 and it must be added to the Income Statementcredit column and the Balance Sheet debit column to complete the worksheet.b. The company incurred a net loss of P88,000 and it must be subtracted from the Income Statementdebit column and the Balance Sheet credit column to complete the worksheet.c. The company incurred a net loss of P88,000 and it must be added to the Income Statement creditcolumn and the Balance Sheet debit column to complete the worksheetd. The company realized a net income of P88,000 and it must be subtracted from the IncomeStatement credit column and the Balance Sheet credit column to complete the worksheet.Eilish Company had the following account balances. Accounts Payable $ 821Accounts Receivable $ 1953Cash $ 4730Common Stock $ 1702Deferred Revenue $ 1475 Eilish was missing the account balance for retained earnings. What is Eilish's balance in retained earnings?View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for the month of March 2020. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,460 6,860 5,900 58,280 Rent expense Sales discounts Sales returns and allowances Sales revenue $30,380 Blue Spruce Corp. Income Statement 7,680 13,120 393,970 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a n e.g.-45 or parentheses e.g. (45).)
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