All Revenue and Expense Accounts Have Been Closed at the End

question 217

Essay

All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000.
Instructions
(a) Journalize the entries required to complete the closing of the accounts.
(b) Prepare a retained earnings statement for the year ended December 31, 2018.

Become aware of federal legislation regulating food, drugs, and consumer safety.

Calculate net price given list price and trade discount.

Calculate list price given net price and trade discount.

Understand and apply the concept of trade discounts.

---

Definitions:

Predictive Validity

How well a score from a given test or scale indicates an individual’s subsequent performance on a task that is related.

Psychometric Approach

A methodological and theoretical approach in psychology that emphasizes the study and measurement of psychological variables through tests and questionnaires.

Correlation Coefficient

A statistical measure that calculates the strength and direction of a linear relationship between two quantitative variables.

Unitary Ability

The concept that intellectual capabilities can be represented as a single general ability or factor, often referred to as "g" in intelligence research.