Homework Answers
34.
In preparing the closing entries for temporary accounts, retained earnings should be credited by service revenue i.e. $650,000
35.
Total expenses = Salaries expense + Rent expense + Interest expense
= 325,000 + 25,000 + 10,000
= $360,000
In preparing the closing entries for temporary accounts, retained earnings should be debited by total expenses i.e. $360,000
36.
Net income = Service revenue - Total expenses
= $650,000 - $360,000
= $290,000
Ending balance in retained earnings = Beginning retained earnings + Net income - Dividends
= 300,000 + 290,000 - 150,000
= $440,000
37.
Total current assets = Cash + Accounts receivable + Supplies
= 18,000 + 15,000 + 200
= $33,200
38.
Book value of equipment = Cost of equipment - Accumulated depreciation
= 800,000 - 80,000
= $720,000
39.
Net income = Service revenue - (Depreciation expense + Rent expense+ Salaries expense + Supplies expense)
= 458,000 - (40,000 + 6,000 + 256,000 + 1,800)
= 458,000 - 303,800
= $154,200
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