Bywhat amount wil retained earrings bechanged when Rodgers Company cioses its ac

Question

Bywhat amount wil retained earrings bechanged when Rodgers Company cioses its accounts at the end of the acoorting period?gound answers to the nearest SO Prior to closing the accounts, the bockkeeper gathered the following information from the financial records and the trial balance: Cash $23,896 Accounts Receivable $13,337 Property. Plant and Equipment $107 256 Salaries and Wages Payable $319 · Notes Payable $50,437 Inventory $6,029 Accumulated Depreciation $18,189 Accounts Payable $8,118 Dividends Payable $1,079 · Common Stock $18,708 Retained Earmings $X0 Sales Revenue $16,731 Misc Revenue $51 Cost of Goods Sold $4,156 Depreciation Expense $903 Salaries and Wages Expense $2,314 General&Administrative; Expenses $616 · Utilties Expense $429 Interest Expense $169 Income Tax Rate 13%

Explanation / Answer

Sales revenue 16731 Expenses: Misc expenses 51 Cost of goods sold 4156 Depreciation expense 903 Salaries and wages expense 2314 General & administrative expenses 616 Utilities expense 429 Interest expense 169 8638 Inome before tax 8093 Income tax 1052 Net income 7041 Retained earnings will increase $7041

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