answer b and c Transcribed Image Text: b. Assuming that Wyckoff’s beginning balance (as of January 1, Year 2) in the Retained Earnings account was $3,100, determine its balance after

answer b and c Transcribed Image Text: b. Assuming that Wyckoff’s beginning balance (as of January 1, Year 2) in the Retained Earnings account was $3,100, determine its
balance after the temporary accounts were closed at the end of Year 2.
Ending retained earnings
c. amount of net income would Wyckoff Company report on its Year 2 income statement?
Net income
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Next > Transcribed Image Text: The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2, before the
temporary accounts had been closed. The Cash balance was $3,300, and Notes Payable amounted to $22,000. The company had
revenues of $3,920 and expenses of $2,860. The company’s Land account had an $4,000 balance. Dividends amounted to $750.
There was $1,000 of common stock issued.
Required
a. Identify which accounts would be classified as permanent and which accounts would be classified as temporary.
Account
Classification
Cash
Permanent
Notes payable
Permanent
Revenues
Temporary
Temporary
Permanent
Expenses
Land
Dividends
Temporary
Common stock
Permanent
Retained earnings
Permanent

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