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Serenitybella
08.10.2019 •
Business
If sales are $540,000, expenses are $440,000 and dividends are $50,000, what is the balance of income summary prior to closing? a. it will have a credit balance of $50,000. b. it will have a debit balance of $50,000. c. it will have a debit balance of $100,000. d. it will have a credit balance of $100,000.
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Ответ:
d. It will have a credit balance of $100,000.
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
So, the balance of income summary equals to
= Sales - expenses
= $540,000 - $440,000
= $100,000
The dividend should be deducted from the retained earning account. Hence, it will not be consider here
Ответ:
(A) - 2x3 + 6x2
Step-by-step explanation:
i got it right on edg 2020