prepare the closing entries. close the temporary accounts to income summary. The balance of $8,500...
90.2K
Verified Solution
Link Copied!
Question
Accounting
prepare the closing entries. close the temporary accounts to income summary. The balance of $8,500 in retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing entries?
| Sales | $22,000 |
| - Cost of goods sold | $8,000 |
| Gross Profit | $14,000 |
| - Selling and Admin Expenses | $3,000 |
| - Interest Expense | $1,500 |
| Net income before dividend | $9,500 |
| - Dividend | $2,000 |
| Net income | $7,500 |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.