The following information is available for Brendon Company before closing the accounts.What will be the amount in the Income Summary account that should be closed to Retained earnings?
$$\begin{array} { l r }
\text { Retained earnings } & \$ 112,000 \
\text { Dividends } & 32,000 \
\text { Fees earned } & 187,000 \
\text { Depreciation Expense-Equipment } & 12,000 \
\text { Wages expense } & 71,400 \
\text { Interest expense } & 3,300 \
\text { Insurarnce expense } & 11,700 \
\text { Rent expense } & 24,200
\end{array}$$
A) $80,000.
B) $64,400.
C) $43,000.
D) $32,400.
E) $42,400.

Question

The following information is available for Brendon Company before closing the accounts.What will be the amount in the Income Summary account that should be closed to Retained earnings?
$$\begin{array} { l r } 
\text { Retained earnings } & \$ 112,000 \
\text { Dividends } & 32,000 \
\text { Fees earned } & 187,000 \
\text { Depreciation Expense-Equipment } & 12,000 \
\text { Wages expense } & 71,400 \
\text { Interest expense } & 3,300 \
\text { Insurarnce expense } & 11,700 \
\text { Rent expense } & 24,200
\end{array}$$
A) $80,000.
B) $64,400.
C) $43,000.
D) $32,400.
E) $42,400.

Quizplus · Accepted Answer

The Answer of The following information is available for Brendon Company before closing the accounts.What will be the amount in the Income Summary account that should be closed to Retained earnings?
$$\begin{array} { l r } 
\text { Retained earnings } & \$ 112,000 \
\text { Dividends } & 32,000 \
\text { Fees earned } & 187,000 \
\text { Depreciation Expense-Equipment } & 12,000 \
\text { Wages expense } & 71,400 \
\text { Interest expense } & 3,300 \
\text { Insurarnce expense } & 11,700 \
\text { Rent expense } & 24,200
\end{array}$$
A) $80,000.
B) $64,400.
C) $43,000.
D) $32,400.
E) $42,400.

The Following Information Is Available for Brendon Company Before Closing