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The Zaarour Corporation's October 31 adjusted trial balance included many accounts, including the following. Accounts Payable...

The Zaarour Corporation's October 31 adjusted trial balance included many accounts, including the following.

Accounts Payable

$21,000

 Accounts Receivable

$27,000
Cash

$23,000

 Dividends

$13,000
Fees Revenue

$152,000

 Income Taxes Expense

$16,000
Income Taxes Payable

$10,700

 Insurance Expense

$21,000
Interest Revenue

$12,000

 Prepaid Insurance

$12,300
Retained Earnings

$53,000

 Supplies

$16,000
Supplies Expense

$15,000

 Unearned Fees

$12,000
Wages Expense

$65,000

 Wages Payable

$11,000

Determine the dollar balance in the Corporation's income summary account before it was closed to retained earnings.

a.

$152,000
b.

$34,000
c.

$0
d.

$47,000

Solutions

Expert Solution

Option D is the answer

To calculate easily,

Income summary account balance = All revenues - All expenses

= (Fees Revenue + Interest revenue) - (Supplies expense + Wages Expense + income taxes expense)

= (152000+12000) - (15000+65000+16000+21000)

= $47,000

ekkarill92 answered 2 years ago
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