Homework Answers
Temporary accounts are revenues and expenses and gains and losses which must be closed at the end of the year to derive annual profit for the corporations.
Generally accounts that comes under income statement are temporary accounts that will be closed to retained earnings account.
Permanent accounts are either a liability or asset which comes under balance sheet having balance.
From the above list, Temporary accounts are -
1) other operating expenses
2) utilities expense
4) Salaries expense
6) Dividends
7) Service revenue
Permanent accounts are -
Retained earnings, land, Cash , common stock , salaries payable(liability shown in balance sheet )
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Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary...
Identify the account: T-temporary, P-permanent (20 points) T-temporary P-permanent Account Name Building Common Stocks Dividends Land...
Identify the account: T-temporary, P-permanent (20 points) T-temporary P-permanent Account Name Building Common Stocks Dividends Land Mortgage Payable Retained Earnings Salaries and Wages Expense Service Revenues Unearned Revenues Utilities Expense
Complete the full accounting cycle Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4,...
Complete the full accounting
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Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Accounts Debits Cash $ 3,700 Accounts 8,700 Receivable Supplies 2,700 Equipment 20,000 Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 35,100 $ 4,800 2,800 3,800 0 15,000 8,700 $35, 100...
The End of the Accounting Cycle – the closing process: The accounts and balances from the...
The End of the Accounting Cycle – the closing process: The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account: Amount: Cash...
WCC Financial Accounting Mid-Term 3. Prepare the closing entries for YORK Company for the year ended...
WCC Financial Accounting Mid-Term 3. Prepare the closing entries for YORK Company for the year ended December 31, 2019. (10) FM Credit Debit $ 8.000 18,000 415,000 Cash Prepaid Rent Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Totals $ 10,000 14.000 250.000 64.000 10,000 350,000 190,000 21.000 26.000 $688,000 $688.000 4. Below are the account balances for Huffman Corporation at the end of December. Use only the appropriate accounts...
Closing Process Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as...
Closing Process Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as follows: Account Balance Account type Service fees earned 592,500 Temporary Interest income 2,200 Temporary Salaries expense 41,800 Temporary Advertising expense 4300 Temporary Depreciation expense 8,700 Temporary Income tax expense 9.900 Temporary Common stock 7,500 Permanent Retained earnings, beg, balance 57,700 Permanent Cash dividends 15,000 Temporary Identify the temporary accounts that will be closed to retained Earnings. Once the closing process is completed, what is...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account:...
The following information was drawn from the accounting records of Wyckoff Company as of December 31,...
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 $5,680, and Notes Payable amounted to $3,900. The company had revenues of $3.770 and expenses of $2.290. The company's Land account had a $4,000 balance. Dividends amounted to $800. TH balance of the Common Stock account was $1,500. Required a. Identify which accounts would be classified as permanent and which accounts...
Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers...
Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $3,800; Equipment, $15,800; Accounts Payable, $1,800; Common Stock, $10,000; Retained Earnings, $6,600; Dividends, $1,000; Service Revenue, $14,800; Salaries Expense, $9,800; and Utilities Expense, $2,800. Prepare the post-closing trial balance. HILLTOPPERS CORPORATION Post-Closing Trial Balance Accounts Debit Credit Cash Equipment Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Totals $ 0 $ 0
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 34,900 15,600 10,500 28,100 11,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,100 of services on...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Complete the full accounting
cycle
Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Accounts Debits Cash $ 3,700 Accounts 8,700 Receivable Supplies 2,700 Equipment 20,000 Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 35,100 $ 4,800 2,800 3,800 0 15,000 8,700 $35, 100...
WCC Financial Accounting Mid-Term 3. Prepare the closing entries for YORK Company for the year ended December 31, 2019. (10) FM Credit Debit $ 8.000 18,000 415,000 Cash Prepaid Rent Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Totals $ 10,000 14.000 250.000 64.000 10,000 350,000 190,000 21.000 26.000 $688,000 $688.000 4. Below are the account balances for Huffman Corporation at the end of December. Use only the appropriate accounts...
Closing Process Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as follows: Account Balance Account type Service fees earned 592,500 Temporary Interest income 2,200 Temporary Salaries expense 41,800 Temporary Advertising expense 4300 Temporary Depreciation expense 8,700 Temporary Income tax expense 9.900 Temporary Common stock 7,500 Permanent Retained earnings, beg, balance 57,700 Permanent Cash dividends 15,000 Temporary Identify the temporary accounts that will be closed to retained Earnings. Once the closing process is completed, what is...
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 $5,680, and Notes Payable amounted to $3,900. The company had revenues of $3.770 and expenses of $2.290. The company's Land account had a $4,000 balance. Dividends amounted to $800. TH balance of the Common Stock account was $1,500. Required a. Identify which accounts would be classified as permanent and which accounts...
Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $3,800; Equipment, $15,800; Accounts Payable, $1,800; Common Stock, $10,000; Retained Earnings, $6,600; Dividends, $1,000; Service Revenue, $14,800; Salaries Expense, $9,800; and Utilities Expense, $2,800. Prepare the post-closing trial balance. HILLTOPPERS CORPORATION Post-Closing Trial Balance Accounts Debit Credit Cash Equipment Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Totals $ 0 $ 0
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 34,900 15,600 10,500 28,100 11,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,100 of services on...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
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