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.
Calculate the ending balance of Retained Earnings :
| Accounts | Debit | Credit | ||||||
| Cash | $ | 11,700 | ||||||
| Supplies | 37,500 | |||||||
| Prepaid Rent | 28,500 | |||||||
| Accounts Payable | $ | 2,700 | ||||||
| Notes Payable | 27,000 | |||||||
| Common Stock | 38,500 | |||||||
| Retained Earnings | 8,700 | |||||||
| Dividends | 3,700 | |||||||
| Service Revenue | 54,300 | |||||||
| Salaries Expense | 19,700 | |||||||
| Advertising Expense | 12,700 | |||||||
| Rent Expense | 9,700 | |||||||
| Utilities Expense | 7,700 | |||||||
| Totals | $ | 131,200 | $ | 131,200 | ||||
Homework Answers
Retained Earnings formula
RE=Beginning period retained earnings +Net income/loss -Dividends
Given
Beginning retained earnings =8,700
Revenue = 54300
Dividends=3,700
We should calculate Net income
Net income=Revenue -Total expenses
Total Expenses =Salary Expense+ Advertising expenses+ Rent Expenses + utilities expenses
=19700+12700+9700+7700 =49800
Net income =54300-49800
= 4500
Now let us calculate RE
RE=Beginning period retained earnings +Net income/loss -Dividends
=8700+4500-3700
=9,500
Add Answer to:
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...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
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 $ 10,400 31,000 22,000 $ 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 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
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Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
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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 $ 11,000 34,000 25,000 $ 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 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings $ 11,300 26,500 $ 2,300 23,000 36,500 8,300 Service Revenue Salaries Expense 54,700 19,300 12,300 9,300 Rent Expense Utilities Expense Totals $124,800 $124,800 Required: 1. Prepare the necessary closing entries. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account...
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Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $50,000 Dividends $ 2,500 Service Revenue 45,000 Interest Revenue 3,000 Salaries Expense 23,000 Rent Expense 8,000 Show the necessary closing entries for Dividends account Debit Retained Earnings and credit Dividends for $2,500 Debit Dividends and credit Retained Earnings for $2,500 Debit Dividends and credit Cash for $2,500 Debit Cash and credit Dividends for $23,000 Seminoles...
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Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 40,000 5,000 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. Calculate the ending...
A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance...
A company's fiscal year-end is December 31, Year 1. The following
is an adjusted trial balance as of December 31.
A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,600 37,000 28,000 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 $ 2,600 26,000 38,000 8,600 3,600 54,400 19,600 12,600...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
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A company's fiscal year-end is December 31, Year 1. The following
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