Barnes Building Systems made the following closing entries at the end of a recent year: Required: 1.

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Barnes Building Systems made the following closing entries at the end of a recent year:

Required:
1. What was Barnes€™s net income?
2. By how much did Barnes€™s retained earnings change?
3. If the sales revenue identified in entry (c) was Barnes€™s only revenue, what was the total amount of Barnes€™s expenses?

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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Question Posted: Sep 22, 2015 02:40 AM

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Barnes Building Systems made the following closing entries at the end of a recent year: Required: 1.

Question:

129,750 a. Income Summary b. Rctained Earning c. Salcs Revenue... Retained Earnings. 129,750 25,000 25,000 Dividends.... 495,300 Income Summary.. 495,300 d. Income Summary 104,100 Interest Expens 104,100

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1 Net income was 129750 as indicated by entry a w...View the full answer

Cornerstones of Financial and Managerial Accounting

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