ZuoTi.Pro
Question

Question 10 (1 point) On December 31st, the firm had the following pre-closing account balances: Accounts Payable 151 820 Cas

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Closing adjustment to retained earnings will be the current year's net income. So, we will calculate the net income here.

Net income = Sales - Cost of goods sold - Interest expense

Net income = 211 - 79 - 60

Net income = 72

So, in the closing adjustment, retained earnings will be increased by 72 by the following journal entry:

S.No. General Journal Debit Credit
Income summary 72
Retained earnings 72
0 0
Add a comment
Know the answer?
Add Answer to:
Question 10 (1 point) On December 31st, the firm had the following pre-closing account balances: Accounts...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019....

    Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019. Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019 $26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500...

  • Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019....

    Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019. Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019 $26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500...

  • The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 12 Account...

    The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. 12 Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 50,000 44,000 85,000 26,000 20,000 195,000 $ 21,000 89,000 13,000 9,000 42,000 240,000 130,000 54,000 $509,000 $509,000 AVCmor, VT Assets...

  • Question text Chongo Co. had the following balances reported on their December 31st 20x9 financial statements:...

    Question text Chongo Co. had the following balances reported on their December 31st 20x9 financial statements: Mortgage payable $911987 Total Assets $4049994 Long-term bank loan $815132 Accounts payable $543170 Other current liabilities $217073 What is the debt-to-equity ratio for Chongo Co. using the information above? Debt is defined as long-term liabilities only. All of the company’s liabilities are listed above. Select one: a. 1.59 b. 1.11 c. 0.43 d. 0.61

  • The following pre-closing accounts and balances were drawn from the records of Carolina Company on December...

    The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 2: Cash Dividends Land Accounts payable $ 4,000 Accounts receivable 2,000 Common stock 3,200 Revenue 1,800 Expense $ 3,400 3,900 3,200 2,200 What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice O $5,900 O $7,200 O O $3,900 O $4,900

  • Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances:...

    Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required Prepare a December 31 classified balance sheet for Ari Company Do not use...

  • Chongo Co. had the following balances reported on their December 31st 20x9 financial statements: Mortgage payable...

    Chongo Co. had the following balances reported on their December 31st 20x9 financial statements: Mortgage payable Total Assets Long-term bank loan Accounts payable Other current liabilities S978812 54040035 S744223 S404971 S199365 What is the debt-to-equity ratio for Chongo Cousing the information above? Debt is defined as long-term liabilities only. All of the company's liabilities are listed above. Select one: a. 1.36 b. 0.58 C.1.01 d. 0.43 Check

  • A. Prepare the balance sheet at December 31st using the report format. B. Prepare the balance...

    A. Prepare the balance sheet at December 31st using the report format. B. Prepare the balance sheet at December 31st using the account format. Earl Corporation provided the following acoount balances prepared at December 31st of the current year EE (Click the loon to view the Snancial data.) Account balances 1. Prepare the balance sheet at December 31st using the report format 2. Prepare the balance sheet at December 31st using the aocount format eequirement a. Prepare ine baiance sneet...

  • ABC Incorporated manufactures and sells toys. The following was its balance sheet as on December 31st,...

    ABC Incorporated manufactures and sells toys. The following was its balance sheet as on December 31st, 2011. ASSETS LIABILITIES AND STOCKHOLDERS EQUITY Cash $250,000 Accounts Payable $120,000 Accounts Receivable $300,000 Salaries Payable $80,000 Inventory $80,000 Dividends Payable $50,000 Property, Plant and Equipment (Less Accumulated Depreciation, 150,000) $630,000 Retained earnings $980,000 Intangible Assets $62,000 Common Stock 92,000 TOTAL 1,322,000 TOTAL 1,322,000 The following is the relevant information for the year ending 2012. The depreciation on property, plant and equipment for the...

  • The following are the ending balances of accounts at December 31, 2021, for the Valley Pump...

    The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits $ Debits 43,000 92,000 117,000 $ 28,000 80,000 156,000 390,000 118,000 111,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 43,000 30,000 50,000 83,000 38,000 340,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT