Respuesta :
Service income minus costs equal $1,400. Before closing entries, Trumpeter Inc.'s financial data is shown in the table below: Cash $12,200
What is the total stockholder equity of trumpeters?
Retained earnings plus common stock make up total shareholders' equity. Comm stock is worth $68,000. Beginning retained earnings ($8,000) + revenues ($30,000) less costs ($24,500) less dividends ($3,000) equals ending retained earnings ($10,500).
Closing entries effect which accounts?
Closing entries have an effect on temporary accounts. These consist of income accounts such as sales and service revenue, expense accounts such as cost of goods sold, selling, and administrative costs, and other income and expense categories such as the gain or loss on the sale of assets or the income tax expense account.
What rights does a 50% shareholder have?
Certain corporate law decisions may only be made by shareholders who own more than 50% of the company's shares. The ability to appoint and dismiss directors (and so alter day-to-day control) as well as authorise the payment of a final dividend belongs to shareholders holding 51% of the company's ownership.
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