Homework Answers
Solution: The given statements is true.
Since, at the end of the accounting period, while passing closing entries, all temporary accounts such as Revenues (i.e Sales revenue, service revenue etc. ) & Expenses (i.e. Rent, depreciation etc.) & Dividends are closed to retained earnings Account. Which results of net income or loss (after dividend adjustment) to be reflected in the retained earnings account.
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TB TF Qu. 03-118 Closing entries move all... 15 Closing entries move all current year data...
TF Qu. 02 A current year temporary book-tax difference... 19 A current year temporary book-tax difference...
TF Qu. 02 A current year temporary book-tax difference... 19 A current year temporary book-tax difference is unfavorable if it causes taxable income to decrease relative to book income. points True or False Print True False
Accounting Closing Entries In the midst of closing procedures, Echo Corporation's accountant became ill and was...
Accounting Closing Entries In the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances. The Dividends account has a debit balance of $18,850. The Retained Earnings accounts has a beginning credit balance of $267,000. Expenses totaled $458,500 and revenues totaled $497,400. After these entries are posted, what is the balance in the Retained Earnings account?
Mae Company’s trial balance as of 12/31/17 before closing entries appears below: (Note that all of...
Mae Company’s trial balance as of 12/31/17 before closing entries appears below: (Note that all of these accounts have their standard or normal debit or credit balance.) Account Balance Accounts Receivable $ 10,000 Cash 220,000 Common Stock 40,000 Dividends Declared 18,000 Dividends Payable 13,000 Note Payable 47,000 Retained Earnings 20,000 Revenues ? ? ? ? Expenses ? ? ? ? Given this information, solve for NET INCOME. Please show all work
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900;...
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $20,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $12,000 After all closing entries have been posted, what is the balance in Retained Earnings to be reported on the balance sheet? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900;...
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $10,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $18,000 After closing revenues and expenses, what is the balance in Income Summary? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare...
Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare the journal entry required to close the revenue account 2. Prepare the journal entry required to close the expense accounts. (Remember that you must show each expense account and balance in order to close it.) 3. Prepare the Journal entry required to close the dividend account. 4. Post all closing entries to the Retained Earnings T-account below. Prove that the balance in Retained Earnings...
Prepare the closing journal entries. Assume the company uses the income summary account (do not post)...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Complete the “Closing Entries” tab in your workbook by closing all temporary income statement amounts to...
Complete the “Closing Entries” tab in your workbook by closing
all temporary income statement amounts to create closing
entries.
Prepare the “Post Closing Trial Balance” tab for the next
accounting period.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00 550.00 600.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies...
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...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4 options: 1) True 2) False Question 5 (0.5 points) An expense account is closed with a credit to the expense account and a debit to the Income Summary account. Question 5 options: 1) True 2) False Question 6 (0.5 points) Cash is a temporary account. Question 6 options: 1) True 2) False Question 7 (0.5 points) Adjusting entries are often made because some business...
TF Qu. 02 A current year temporary book-tax difference... 19 A current year temporary book-tax difference is unfavorable if it causes taxable income to decrease relative to book income. points True or False Print True False
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $20,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $12,000 After all closing entries have been posted, what is the balance in Retained Earnings to be reported on the balance sheet? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $10,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $18,000 After closing revenues and expenses, what is the balance in Income Summary? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare the journal entry required to close the revenue account 2. Prepare the journal entry required to close the expense accounts. (Remember that you must show each expense account and balance in order to close it.) 3. Prepare the Journal entry required to close the dividend account. 4. Post all closing entries to the Retained Earnings T-account below. Prove that the balance in Retained Earnings...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Complete the “Closing Entries” tab in your workbook by closing
all temporary income statement amounts to create closing
entries.
Prepare the “Post Closing Trial Balance” tab for the next
accounting period.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00 550.00 600.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies...
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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