What is balance in the income summary account

Assignment Help Financial Accounting
Reference no: EM13144003

Revenues total $10,200. Expenses total $7,300. Dividends paid total $2,600. What is the balance in the Income summary account after closing net income or loss to the Retained earnings account?

Reference no: EM13144003

Questions Cloud

Necessary journal entry to properly record transaction : The equipment's fair market value is estimated at $180,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange. Prepare the necessary journal entry to properly record..
What items in a physician practice can be depreciated : What is the relationship between inventory and cost of goods sold by a pharmacy or medical supply business? Explain the depreciation concept. What items in a physician practice can be depreciated? What is the purpose?
What is the correct formula for this hydrated crystal : The compound K2SiO 3 • χH2O is a hydrated crystal. It is analyzed for percent water in a procedure similar to the laboratory assignment with barium chloride
Find time taken-students to walk from dorms to chemistry lab : a mean of 20 minutes and a standard deviation of 3 minutes. how long does it take the slowest 10% of the students to walk from the dorms to the chemistry lab.
What is balance in the income summary account : Revenues total $10,200. Expenses total $7,300. Dividends paid total $2,600. What is the balance in the Income summary account after closing net income or loss to the Retained earnings account?
Which measurements currently reported in balance sheets : Which measurements currently reported in balance sheets are not consistent with the physical capital maintenance concept?  Give examples
Explain what do these extrapolated values mean : When we extrapolate concentration dependent values to zero solute concentration, what do these extrapolated values mean physically
Psychophysical measurement : What is the basic unit of psychophysical measurement in a discrimination experiment?
Lowest acceptable transfer price from perspective division : There would be no cost savings from transferring the units within the company rather than selling them on the outside market. What should be the lowest acceptable transfer price from the perspective of Division X?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Purpose entries in general journal form

Purpose entries in general journal form to record the transactions for the quarter ended June 30, 2013. Set up T-accounts, and post the entries to the T-accounts. Show that an account has been posted by placing a check mark in the reference, col..

  Accounts receivable at the end of august are

The Pitney Company's sales are 40% cash and 60% credit.  50% of credit sales are collected in the month of sale, 30% in the month following the sale, and 20% is collected two months after Accounts receivable at the end of August are?

  Determine sue''s variable costs

Determine Sue's variable costs

  Calculate the cost of goods transferred to the finished good

From this information, calculate the cost of goods transferred to the Finished Goods Inventory account, the cost remaining in the Work in Process Inventory account, and the total costs to be accounted for. Use the FIFO costing method.

  What lump sum at employment date would make him indifferent

Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options.

  Determine the depreciation expense for the crane in 2009

Calculation of depreciation under SLM - Determine the depreciation expense for the crane in 2009?

  Explain how were these obligations violated in hp case

The original lawsuit filed in the HP case claimed that the executives breached their fiduciary responsibilities. What are the fiduciary responsibilities of executives and members of the board of directors to shareholder? Explain how were these obl..

  What proceeds does wells fargo receive from the investors

Wells Fargo sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Wells Fargo receive from the investors?

  What allocation should have been assigned to the subsidiary

If Utah paid $300,000 in cash for Trimmer, what allocation should have been assigned to the subsidiary's Building account and its Equipment account in a December 31, 2011 consolidation?

  Explain how should this transaction be reported

Explain how should this transaction be reported in Happy’s 12/31/09 year-end financial statements (balance sheet, income statement, cash flow statement)? Give amounts and accounts. Also, the effect on the balance sheet must balance.

  Prepare the year-end entries for any amounts

Prepare the year-end entries for any amounts that could be recorded as a result of each of the above contingencies.

  Explain how much goodwill is associated with this investment

Any excess of cost over fair value was attributed to goodwill, which has not been impaired. Rob Co. reported net income of $300,000 for 2011, and paid dividends of $100,000 during that year. Explain how much goodwill is associated with this inves..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd