Ask Question
BusinessBusiness
10 April, 13:04

Journalize the entry to transfer net income to retained earnings for Wedgewood Corporation if revenues for the most recent fiscal year were $2,100,000, expenses were $1,380,000, and dividends declared were $200,000.

+4
Answers (1)
  1. 10 April, 13:10
    0
    Debit Net Income $520,000

    Credit Retained earnings $520,000

    Being entries to transfer net income to retained earnings

    Explanation:

    This will be done by closing entries. Closing entries are journal entries made in a manual accounting system at the end of an accounting period to move the balances in temporary accounts to permanent accounts. The net income account is a temporary account while retained earnings account is the permanent account.

    Given

    Revenue = $2,100,000

    Expenses = $1,380,000

    Dividend declared = $200,000

    Net income = $2,100,000 - $1,380,000 - $200,000

    = $520,000

    To journalize the entry to transfer net income to retained earnings for Wedgewood Corporation

    Debit Net Income $520,000

    Credit Retained earnings $520,000

    Being entries to transfer net income to retained earnings
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Journalize the entry to transfer net income to retained earnings for Wedgewood Corporation if revenues for the most recent fiscal year were ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Serile Pharma places 860 units in production during the month of January. All 860 units are completed during the month. It had no opening inventory.
Answers (1)
Began business by issuing 5,000 shares of $5 par value common stock. The contributed capital of $30,000, from this sale, was deposited in the company bank account.
Answers (1)
What countries represent the largest global business opportunities for the next decade? What factors determine the size of the opportunity?
Answers (1)
Which of the following statements are true of local taxes? (Choose all that apply) Counties and cities may charge taxes Your neighborhood may charge taxes.
Answers (1)
A quasi-public good shares all characteristics of a public good except that access to the good can be limited, at least somewhat, so that there are no free riders.
Answers (1)
New Questions in Business
Marginal productivity theory implies that a worker will be paid an amount a. equal to his or her contribution to the productive process. b. determined by his or her individual bargaining. c.
Answers (1)
Which of the following changes would represent an austerity measure? Choose one or more: A. a decrease in the number of public workers, to reduce government expenses B. an increase in the number of public workers, to reduce government expenses C.
Answers (1)
A small business produces a single product and reports the following dа ta: Sales price $ 8.50 per unit Variable cost $ 5.
Answers (1)
The lower the times interest earned ratio the more likely A) a business will need to borrow money B) a business will suffer a loss C) a default in payment will occur D) interest payments can be made
Answers (1)
Corba Company is evaluating whether to replace an old machine with a new, more efficient machine. Corba purchased the old machine for $600,000, and there is $180,000 of accumulated depreciation recorded for the machine.
Answers (1)
Home » Business » Journalize the entry to transfer net income to retained earnings for Wedgewood Corporation if revenues for the most recent fiscal year were $2,100,000, expenses were $1,380,000, and dividends declared were $200,000.
Sign Up Forgot Password?