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The following information is available for Brendon Company before closing the accounts. What will be the...

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? Retained earnings $ 112,000 Dividends 32,000 Fees earned 187,000 Depreciation Expense—Equipment 12,000 Wages expense 71,400 Interest expense 3,300 Insurance expense 11,700 Rent expense 24,200

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Answer #1

The answer to the question is as per table below :

Income Statement
Revenue earned (Fees)     187,000
Less :
Wages          (71,400)
Rent          (24,200)
Interest Expense            (3,300)
Insurance Expense          (11,700)
Depreciation on Equipment          (12,000)
Total Operating Expenses (122,600)
Net Income (closed to Retained Earnings)        64,400
Retained Earnings
Opening Retained Earnings 112,000
Add : Net Income from Income Summary 64,400
Less : Dividends (32,000)
Closing Retained Earnings 144,400
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