20) An adjusted trial balance is given below. Debit Credit Cash Accounts Receiva

Question

20) An adjusted trial balance is given below. Debit Credit Cash Accounts Receivable Prepaid Remt Merchandise Invento Accounts Payable $13,000 2,000 ry 25 $4,100 2,000 800 8,000 3,800 alaries Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Selling Expense Delivery Expense Supplies Expense Total 1,000 86,900 23,000 18,000 12,000 8,500 1,800 $105,600 $105,600 What will be the final balance in the corporation's Retained Earnings account after recording the closing entries? A) $26,800 B) $2,800 C) $25,800 D) $14,000

Explanation / Answer

Answer is C. $ 25800 Expanation: Net income forr the year Revenue 86900 Less: expense Cost of Goods sold 23000 Salaries expense 18000 Rent expense 12000 Selling expense 8500 Delivery expense 1800 Supplies expense 600 Net income forr the year 23000 Balance of Retained earnings: Beginning Balance 3800 Add: Net income 23000 Less: Dividend paid -1000 Ending Balance of RE 25800

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.