Shown Below Are a Company's Ledger Accounts and Their End-Of-Period

question 60

Multiple Choice

Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. What amount will be posted to Retained Earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)
$$\begin{array} { | l | r | } \hline \text { Retained earnings } & \$ 14,000 \\\hline \text { Dividends } & 19,200 \\\hline \text { Sales Revenue } & 58,000 \\\hline \text { Rent expense } & 7,200 \\\hline \text { Salaries expense } & 14,400 \\\hline \text { Insurance expense } & 840 \\\hline \text { Depr. Expense - equipment } & 900 \\\hline \text { Accum depr. - equipment } & 2,500 \\\hline\end{array}$$

• A) $16,780 debit
• B) $15,460 credit
• C) $48,660 credit
• D) $34,660 credit
• E) $17,960 credit

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Definitions:

Dismantling Studies

Research studies designed to analyze the effectiveness of individual components of a treatment or intervention to identify which elements are most critical for producing desired outcomes.

Active Ingredients

The crucial components of a treatment that are responsible for its effectiveness.

Multicomponent Therapy

A therapeutic approach that integrates several different techniques and components to address multiple aspects of a disorder or issue.

Mediation Studies

Research focused on the examination of processes through which interventions or variables produce their effects, often used in conflict resolution and peace studies.