after closing the accounts, retained earnings at December 31st equals? the total

Question

after closing the accounts, retained earnings at December 31st equals?

the total deaths in the after closing trial balance will equal?

income summary will have what balance before it is closed?

[The following information applies to the questions displayed below Shown below is a trial balance for Novelty Toys, Inc, on December 31,after adjusting entries Novelty Toys, Inc Trial Balance Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned Salaries Expense Advertising Expense Depreciation Expense $15,758 12,875 23,eep $ 6,2568 7,875 22,758 7,750 46,75 16, 5e0 3,375 4 375 $ 83,625 83,625 Net income for the period equals

Explanation / Answer

Step 1 - Calculation of Net Income

Step 2 - Calculation of retained earnings

Step 3 - Calculation of total Debits

Step 4 - Calculation of Balance in income summary

Particulars Amount Fees Earned $46750 Salary expenses $16500 Advertising expenses $3375 Depreciation expenses $4375 Net Income $22500

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