Woods, Inc. earned revenues of $17,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account? A. credit balance of $9,500 B. debit balance of $17,000 C. credit balance of $7,500 D. balance of $0
Woods, Inc. earned revenues of $17,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account? A. credit balance of $9,500 B. debit balance of $17,000 C. credit balance of $7,500 D. balance of $0
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 2CE
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Woods, Inc. earned revenues of $17,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?
A.
credit balance of $9,500
debit balance of $17,000
credit balance of $7,500
balance of $0
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