In the midst of closing procedures 1BM Corporation's accountant became ill and was hospitalized. You have volunteered
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In the midst of closing procedures 1BM Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances and that the income Summary account has a single debit entry for $320,000 and a single credit entry for $352,000. The Dividends account has a debit balance of $17,500. and the Retained Earnings account has a beginning credit balance of $120,000 before closing.
What would be the ending balance in Retained Earnings after closing?
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date: