The following information is available for the Higgins Travel Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Net Income$42,500Retained earnings 130,000Dividends 12,000
A. $184,500.
B. $160,500.
C. $75,500.
D. $130,000.
E. $99,500.
Answer: B
You might also like to view...
A material weakness in internal control is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis
a. True b. False Indicate whether the statement is true or false
An organizational unit whose manager is responsible for acquiring, using, and disposing of assets in order to maximize return on assets is referred to as a(n) ______________________________
Fill in the blank(s) with correct word
A partnership has $23,000 of depreciation expense and $25,000 of Section 179 expense. How are the depreciation and Section 179 expenses reported?
A. As a $48,000 ordinary expense item. B. Section 179 is treated as a $25,000 ordinary expense and the $23,000 depreciation is separately stated. C. Depreciation is treated as a $23,000 ordinary expense and the $25,000 Section 179 expense is separately stated. D. Both as separately stated items.
According to writing experts, approximately what percentage of time should you spend on the prewriting phase of a business message?
A) 90 percent B) 50 percent C) 25 percent D) 5 percent