What is the balance in income summary

Assignment Help Accounting Basics

Reference no: EM132817727

Question - SUNDIAL Inc. Trial Balance December 31 Debit Credit

Cash $16

Accounts Receivable 26

Equipment 191

Accounts Payable $21

Capital Stock 106

Retained Earnings 56

Dividends 11

Service Revenue 189

Salaries Expense 86

Depreciation 26

Supplies Expense 16

$372 $372

Required - What is the balance in Income Summary before it is closed to Retained Earnings?

Reference no: EM132817727

Questions Cloud

How much is this investment worth to you today : You require a return of 12 percent, compounded quarterly, for this type of investment. How much is this investment worth to you today

Discuss about effective communication among participants : What are examples of barriers and biases in cross-cultural business communications that may impact the effectiveness of communication among the meeting.

Paper copies of legal documents and briefings : What are the problems questions that you could pose to this potential customer?

What operationally and for financial reporting purposes : It comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes from the rest of the entity.

What is the balance in income summary : Question - SUNDIAL Inc. Trial Balance December 31 Debit Credit - What is the balance in Income Summary before it is closed to Retained Earnings

Accountabilities and responsibilities to the members : Describe instances when you assigned accountabilities and responsibilities to the members of at least two (2) teams. The accountabilities and responsibilities

What is the impact of purchase on the expanded accounting : Echo, Inc. purchases supplies on credit that it will use over the next 6 months. What is the impact of this purchase on the expanded accounting equation?

What is purpose of an income statement for retail business : What is the purpose of an income statement for a retail business? Which statement format do you choose

Write an analysis of the impact of crisis and trauma : Provide an analysis of the impact of crisis, trauma, and/or disaster on the person presented in the case study. Be specific and provide examples to illustrate.

User Account

All Pages