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?

Answer rating: 100% (QA)

To determine the ending balance in Retained Earnings after closing we need to consider the closing e... View the full answer