Homework Answers
34.
Net income = Service revenue-salaries expense-rent expense-interest expense
Net income = $450,000-250,000-20,000-5,000 = $175,000
Retained earnings credited by $175,000
35.
Retained earnings debited by $75,000 (Dividends).
36.
Ending balance in retained earnings = Beginning balance in retained earnings+Net income-Dividends
Ending balance in retained earnings = $300,000+175,000-75,000 = $400,000
37.
Total current assets = Cash+Accounts receivable+Supplies
Total current assets = $30,000+35,000+1,000 = $66,000
38.
Book value of equipment = Equipment - Accumulated depreciation
Book value of equipment = $900,000 - 150,000 = $750,000
39.
Net income = Service revenue-Depreciation expense-Rent expense-Salaries expense-Supplies expense
Net income = $600,000-50,000-10,000-300,000-8,000 = $232,000
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I need help with 34-39
Use the following to answer questions 34 - 36 The year-end...
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the...
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense $300,000 650,000 325,000 25,000 10,000 150,000 Rent expense Interest expense Dividends Prepare the closing entries. 34. $___ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. S_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36....
please show work Use the following to answer questions 34 - 36 The year-end adjusted trial...
please show work
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances Retained earnings $300.000 Service revenue Salvies expense 650,000 325,000 25.000 Rent expense Interest expense 10.000 Dividends 150,000 Prepare the closing entries. In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? After closing...
900.000-80,000 Use the following for questions 37-39 T Corp has provided their accounts in alphabetical order....
900.000-80,000 Use the following for questions 37-39 T Corp has provided their accounts in alphabetical order. Use these accounts to answer the following questions. Accounts payable $10,000 Accounts Receivable 15,000 Accumulated depreciation 80,000 Cash 18,000 Common stock 300,000 Depreciation expense 40,000 Dividends 30,000 Equipment 800,000 Deferred revenue 6,000 Notes payable 250,000 Rent expense 6,000 Retained earnings 63,000 Salaries expense 256,000 Service revenue 458,000 Supplies Supplies expense 1,800 - 37. $ 33200 Total current assets 38. $120.000 Book value of the...
Use the following to answer questions 20 - 26 The following are the year-end account balances...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
I need help with 33-40 Use the following to answer questions 33 - 40 Income Statement...
I need help with 33-40
Use the following to answer questions 33 - 40 Income Statement Revenues #33 Expenses: Salaries Administrative Utilities Total expenses Net income $456,000 245,000 8,000 Statement of Stockholders' Equity Common stock Retained earnings Beginning $450,000 $321,000 Issuance #35 Net income 210,000 Dividends #36 Ending $500.000 $501.000 709,000 #34 Assets $25,000 30,000 $14,000 250,000 $264,000 #37 Cash A/R Supplies Prepaid rent Equipment Building Balance Sheet Liabilities Accounts payable Notes payable Total liabilities Stockholders' Equity Common stock Retained...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses...
I need help with 28-31 Use the following to answer questions 28 - 35 TR Corporation...
I need help with 28-31
Use the following to answer questions 28 - 35 TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 500,000 Cash Accounts receivable Supplies Prepaid expenses | Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense...
I need help with 20-26 The following are the year-end account balances for 20XC (prior to...
I need help with 20-26
The following are the year-end account balances for 20XC (prior to closing) of CAC Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense $30,000 25,000 2,000 875,000 75,000 12,000 225,000 300,000 249,500 15,000 652,000 450,000 4,000 7,500 25,000 80,000 20. $ Determine total expenses for the year 21. $. Determine net income for the year...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8,000 $136,000 $ 136,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event,...
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense $300,000 650,000 325,000 25,000 10,000 150,000 Rent expense Interest expense Dividends Prepare the closing entries. 34. $___ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. S_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36....
please show work
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances Retained earnings $300.000 Service revenue Salvies expense 650,000 325,000 25.000 Rent expense Interest expense 10.000 Dividends 150,000 Prepare the closing entries. In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? After closing...
900.000-80,000 Use the following for questions 37-39 T Corp has provided their accounts in alphabetical order. Use these accounts to answer the following questions. Accounts payable $10,000 Accounts Receivable 15,000 Accumulated depreciation 80,000 Cash 18,000 Common stock 300,000 Depreciation expense 40,000 Dividends 30,000 Equipment 800,000 Deferred revenue 6,000 Notes payable 250,000 Rent expense 6,000 Retained earnings 63,000 Salaries expense 256,000 Service revenue 458,000 Supplies Supplies expense 1,800 - 37. $ 33200 Total current assets 38. $120.000 Book value of the...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
I need help with 33-40
Use the following to answer questions 33 - 40 Income Statement Revenues #33 Expenses: Salaries Administrative Utilities Total expenses Net income $456,000 245,000 8,000 Statement of Stockholders' Equity Common stock Retained earnings Beginning $450,000 $321,000 Issuance #35 Net income 210,000 Dividends #36 Ending $500.000 $501.000 709,000 #34 Assets $25,000 30,000 $14,000 250,000 $264,000 #37 Cash A/R Supplies Prepaid rent Equipment Building Balance Sheet Liabilities Accounts payable Notes payable Total liabilities Stockholders' Equity Common stock Retained...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses...
I need help with 28-31
Use the following to answer questions 28 - 35 TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 500,000 Cash Accounts receivable Supplies Prepaid expenses | Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense...
I need help with 20-26
The following are the year-end account balances for 20XC (prior to closing) of CAC Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense $30,000 25,000 2,000 875,000 75,000 12,000 225,000 300,000 249,500 15,000 652,000 450,000 4,000 7,500 25,000 80,000 20. $ Determine total expenses for the year 21. $. Determine net income for the year...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8,000 $136,000 $ 136,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event,...
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