big-mouth frog corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. when income summary is closed to retained earnings, the amount of the debit or credit to retained earnings is a

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24-10-2022
Business

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big-mouth frog corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. when income summary is closed to retained earnings, the amount of the debit or credit to retained earnings is a

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KrishnaMitra KrishnaMitra · Answer 1 · 2022-11-03T13:30:45-04:00

A credit of $80,000 will go toward retained earnings.

What are retained earnings ?

After deducting dividend payments, a company's retained earnings are its total net earnings or profits. The term "retained" refers to a crucial idea in accounting that describes how earnings were held by the corporation rather than distributed to shareholders as dividends.

Because of this, retained earnings go down when a business experiences a loss or pays dividends and go up when new profits are generated.

To solve the question :

Net income = Revenues - Expenses

Net income = $200,000 - $120,000

Net income = $80,000

Particulars Debit Credit

Income summary $80,000 -

Retained earnings - $80,000

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