question archive During 2020, Swille Corporation had Sales of $225,000 and Operating Expenses of $123,000 and declared cash dividends of $14,000
During 2020, Swille Corporation had Sales of $225,000 and Operating Expenses of $123,000 and declared cash dividends of $14,000
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During 2020, Swille Corporation had Sales of $225,000 and Operating Expenses of $123,000 and declared cash dividends of $14,000. Retained Earnings on January 1, 2020 was $110,000. Prepare closing entries on December 31, 2020. Calculate the balance in Retained Earnings on December 31, 2020.
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Answer :-
Closing Entries - Attached
Balance in Retained Earnings on December 31, 2020 = Retained Earnings on January 1, 2020 + Income Summary - Cash Dividends
= 110,000 + 102,000 - 14,000
= $198,000
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