Homework Answers
Correct answer----------Increase of $15,800
Working
| Closing Entries | |||
| Date | Accounts and Explanations | Debit | Credit |
| 31-Dec | Service Revenue | $39,300.00 | |
| Income Summery | $39,300.00 | ||
| (Revenue accounts closed) | |||
| 31-Dec | Income Summery | $23,500.00 | |
| Expenses | $23,500.00 | ||
| (Expenses Accounts closed) | |||
| 31-Dec | Income Summery | $15,800.00 | |
| Retained earnings | $15,800.00 | ||
| (Income summery transferred to Retained earnings) | |||
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Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings,...
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December...
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 2: Cash Dividends Land Accounts payable $ 4,000 Accounts receivable 2,000 Common stock 3,200 Revenue 1,800 Expense $ 3,400 3,900 3,200 2,200 What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice O $5,900 O $7,200 O O $3,900 O $4,900
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained...
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained earnings Service revenue Interest revenue Salaries expense Operating expense Interest expense Dividends $16,800 21,750 1,880 12,300 3,450 980 2,780 Print After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16.800. $23.700 $21,000 $26.400 < Prey 14 of 19 !!! Next >
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $184,100 and interest revenue of $89,300. The company used supplies in the amount of $95,900, advertising expenses were $18,000, salaries and wages totaled $20,700, and income tax expense was calculated as $16,900. During the year, the company declared and paid dividends of $7,600. Prepare the closing entries dated December 31, 2018. Prepare T-account...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
The Retained earnings account has a credit balance of $37.000 before closing entries are made.
The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55,200, total expe $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise
The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise Accounts Payable$7,200Rent Expense$3,000Accounts Receivable8,400Equipment74,500Wages Payable3,400Furniture16,600Prepaid Expenses500Notes Payable (due 12/31/13)40,900Dividends2,000Accumulated Depreciation8,000Sales Revenue99,850Cash14,000Notes Payable (due 4/30/12)1,000Common Stock20,000Cost of Goods Sold48,800Goodwill10,000Loss on Sale of Equipment5,500Retained Earnings (1/1/11)16,150Inventory9,500Marketable Equity Securities300Advertising Expense2,500Depreciation Expense1,100Insurance Expense2,000Unearned Revenue2,200Determine the Ending Retained Earnings for 2011:Group of answer choices$36,950$52,100$51,100$34,950$71,100
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted...
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year end balances of Cruz Company as of December 31 Credit Debit $19,000 13,000 3,000 24,000 NO. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: Prepare the closing entries dated December 31, 2016. (If...
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 2: Cash Dividends Land Accounts payable $ 4,000 Accounts receivable 2,000 Common stock 3,200 Revenue 1,800 Expense $ 3,400 3,900 3,200 2,200 What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice O $5,900 O $7,200 O O $3,900 O $4,900
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained earnings Service revenue Interest revenue Salaries expense Operating expense Interest expense Dividends $16,800 21,750 1,880 12,300 3,450 980 2,780 Print After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16.800. $23.700 $21,000 $26.400 < Prey 14 of 19 !!! Next >
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year end balances of Cruz Company as of December 31 Credit Debit $19,000 13,000 3,000 24,000 NO. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: Prepare the closing entries dated December 31, 2016. (If...
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