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Discuss the beginning balance in retained earnings

Assignment Help Accounting Basics
Reference no: EM131757443

1- Expense accounts:

Are closed at the end of the accounting period
Ultimately decrease retained earnings
Increase with a debit
Are income statement accounts
All of the above are correct

2- The beginning balance in retained earnings is $50,000. Ending balance is $75,000. Dividends during the year were $40,000. Net income for the year:

$25,000
$40,000
$65,000
$75,000

Indeterminable from the data given

 

Reference no: EM131757443

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