(6 points) Presented below are selected account balances from C’s adjusted trial balance as of/for the...
- (6 points) Presented below are selected account balances from C’s adjusted trial balance as of/for the period ended 12-31-xx:
Cash $ 700,000
Prepaid expenses $ 100,000
Unearned rent revenue $ 50,000
Retained earnings $2,500,000
Sales revenues $1,900,000
Cost of goods sold $ 700,000
Selling and administrative expenses $ 300,000
Interest expense $ 50,000
Income tax expense $ 180,000
- Prepare the entry C should make to close out the temporary accounts. Do NOT use an “income summary” account – close the temporary accounts directly into retained earnings.
- What is C’s retained earnings balance AFTER making the closing entry?
Homework Answers
Basic concepts :
Reatined Earnings is increased when credited
Retained Earnings is decreased when debited
Revenue accounts are closed by debiting them and expenses accounts are closed by crediting them.
Answer to part a.
Answer to part b.
Retained Earnings balance after closing entries
| Retained Earnings | $2500000 |
| Add : sales revenues | $1900000 |
| Less : cost of goods sold | $( 700000 ) |
| Less : selling and administrative expenses | $( 300000 ) |
| Less : interest expense | $( 50000 ) |
| Less : income tax expense | $( 180000) |
| Retained Earnings after closing entries | $3170000 |
Add Answer to:
(6 points) Presented below are selected account
balances from C’s adjusted trial balance as of/for the...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017,...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver Corporation is provided below. Debit Credit Accounts Receivable $79,860 Dividends 28,930 Depreciation Expense 14,520 Equipment 234,080 Salaries and Wages Expense 100,210 Accounts Payable $58,300 Accumulated Depreciation-Equipment 126,280 Unearned Rent Revenue 25,190 Service Revenue 202,180 Rent Revenue 6,820 Rent Expense 3,960 Retained Earnings 67,980 Supplies Expense 1,540 (a) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Requirement 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the...
Requirement 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts. Use "Clos." and the corresponding number as shown in the journal entry as posting references"Clos.(1)", "Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance after...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering Winds Corp. is provided below. Debit Credit Accounts Receivable Dividends $58,080 21,040 10,560 170,240 72,880 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue $42,400 91,840 18,320 147,040 4,960 Rent Revenue 2,880 Rent Expense Retained Earnings Supplies Expense 49,440 1,120 Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 147,040 Rent Revenue 4,960 Income Summary...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
$61,480
Accumulated Depreciation—Equipment
133,170
Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....
Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order...
Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Holden Corp. at September 30, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (not income) to retained earnings 4. Close the...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Tippy Corporation is provided below. Credit Accounts Receivable Dividends Debit $72,600 26,300 13,200 212,800 91,100 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue $53,000 114,800 22,900 183,800 6,200 Service Revenue Rent Revenue 3,600 Rent Expense Retained Earnings Supplies Expense 61,800 1,400 (a) Prepare closing entries. (Credit account titles are automatically indented when the...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver Corporation is provided below. Debit Credit Accounts Receivable $79,860 Dividends 28,930 Depreciation Expense 14,520 Equipment 234,080 Salaries and Wages Expense 100,210 Accounts Payable $58,300 Accumulated Depreciation-Equipment 126,280 Unearned Rent Revenue 25,190 Service Revenue 202,180 Rent Revenue 6,820 Rent Expense 3,960 Retained Earnings 67,980 Supplies Expense 1,540 (a) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering Winds Corp. is provided below. Debit Credit Accounts Receivable Dividends $58,080 21,040 10,560 170,240 72,880 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue $42,400 91,840 18,320 147,040 4,960 Rent Revenue 2,880 Rent Expense Retained Earnings Supplies Expense 49,440 1,120 Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 147,040 Rent Revenue 4,960 Income Summary...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
$61,480
Accumulated Depreciation—Equipment
133,170
Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....
Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Holden Corp. at September 30, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (not income) to retained earnings 4. Close the...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Tippy Corporation is provided below. Credit Accounts Receivable Dividends Debit $72,600 26,300 13,200 212,800 91,100 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue $53,000 114,800 22,900 183,800 6,200 Service Revenue Rent Revenue 3,600 Rent Expense Retained Earnings Supplies Expense 61,800 1,400 (a) Prepare closing entries. (Credit account titles are automatically indented when the...
Most questions answered within 3 hours.
-
Company XYZ know that replacement times for the quartz time
pieces it produces are normally distributed...
asked 9 minutes ago -
A) Write the acid-base reaction that occurs between Na2HPO4 and
NaOH
B) Write the possible reactions...
asked 22 minutes ago -
What advantages does the Natural Law Theory have in comparison
with the Divine Command Theory? Explain...
asked 28 minutes ago -
A diver comes off a board with arms straight up and legs
straight down, giving her...
asked 27 minutes ago -
Answer the following questions
In your own words, define each of these terms
- Branding, Packaging,...
asked 25 minutes ago -
Briefly discuss developments in the crude oil market and your
outlook, using the microeconomic concepts discussed...
asked 26 minutes ago -
Electrons are accelerated through potential difference of 12 V
and are bombarding the hydrogen atoms. To...
asked 30 minutes ago -
The first stock pays a current dividend of $2 which is growing
at 3% per year....
asked 37 minutes ago -
Assume an array list is declared as follows:
int list[100]
and that all other variables have...
asked 46 minutes ago -
Do you believe that as the pool of engineers decrease, or become
in higher demand, that...
asked 54 minutes ago -
A
700 kg car is coasting along a level road, slowing down at an
acceleration of...
asked 1 hour ago -
find dB IL for a sound with the intensity of 3x10^-13 w/sq meter
with a reference...
asked 1 hour ago