adaptive.wleypus.com ORION Accounting, 6e Practice - 11.1: Discuss the major cha

Question

adaptive.wleypus.com ORION Accounting, 6e Practice - 11.1: Discuss the major characteristics of a corpora.. Q11.34: Acer Corporation had revenues of $4,560,000 last year and expenses of $3,980,000. Journalize the entry to transfer net income to retained earnings A) Retained Earnings 520,000 ncome Summary 4,560,000 B) Retained Earnings 580,000 Income Summary 580,000 Income Summary 4.560.000 Retained Earnings 580,000 D) Income Summary 580,000 Retained Earnings 580,000 Confidence SUBM Mark for Review

Explanation / Answer

Answer : D. Income summary $580000

To Retained earnings $580000.

* $580000 = $4560000 - $3980000.

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