Homework Answers
Answer a.
Retained Earnings, Jan. 31, Year 1 = 0
Answer b.
Revenue = $7,200
Expenses = $4,300
Answer c.
Before Closing:
Retained Earnings, Dec. 31, Year 1 = 0
Answer d.
Before Closing:
Revenue = $7,200 + $65,000
Revenue = $72,200
Expenses = $4,300 + $55,000
Expenses = $59,300
Answer e.
Retained Earnings, Jan. 01, Year 2 = Revenue - Expenses
Retained Earnings, Jan. 01, Year 2 = $72,200 - $59,300
Retained Earnings, Jan. 01, Year 2 = $12,900
Answer f.
Revenue = $0
Expenses = $0
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Exercise 1-25A Retained earnings and the closing process LO 1-9 Critz Company was started on January...
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Love Company's accounting records show an after closing balance of $20,800 in its Retained Earnings account on December 31 Year 2. During the Year 2 accounting cycle, Love earned $17.900 of revenue, incurred $10.600 of expense, and paid $2.900 of dividends Revenues and expenses were recognized evenly throughout the accounting period Required a. Determine the balance in the Retained Earnings account as of January 1 Year 3 b. Determine the balance in the temporary accounts as of January 1 Year...
Love Company’s accounting records show an after-closing balance of $20,100 in its Retained Earnings account on...
Love Company’s accounting records show an after-closing balance
of $20,100 in its Retained Earnings account on December 31, Year 2.
During the Year 2 accounting cycle, Love earned $16,500 of revenue,
incurred $9,900 of expense, and paid $2,200 of dividends. Revenues
and expenses were recognized evenly throughout the accounting
period.
Required
a. Determine the balance in the Retained Earnings
account as of January 1, Year 3.
b. Determine the balance in the temporary accounts
as of January 1, Year 2....
Excerise 1.23 Exercise 1-23 Retained earnings and the closing process As of December 31, 2018, Flowers...
Excerise 1.23
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On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were...
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Data Table Cash 3,900 26,000 7,200 3,300 1.700 2,700 1,900 Common Stock Retained Earnings, January 1...
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On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $184,100 and interest revenue of $89,300. The company used supplies in the amount of $95,900, advertising expenses were $18,000, salaries and wages totaled $20,700, and income tax expense was calculated as $16,900. During the year, the company declared and paid dividends of $7,600. Prepare the closing entries dated December 31, 2018. Prepare T-account...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings...
Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the...
Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the year, Hill Insurance Agency earned $33,000 of Service Revenue and incurred $24,000 of various expenses. Dividends of $16,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal." posting reference to show the beginning and...
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Love Company's accounting records show an after closing balance of $20,800 in its Retained Earnings account on December 31 Year 2. During the Year 2 accounting cycle, Love earned $17.900 of revenue, incurred $10.600 of expense, and paid $2.900 of dividends Revenues and expenses were recognized evenly throughout the accounting period Required a. Determine the balance in the Retained Earnings account as of January 1 Year 3 b. Determine the balance in the temporary accounts as of January 1 Year...
Love Company’s accounting records show an after-closing balance
of $20,100 in its Retained Earnings account on December 31, Year 2.
During the Year 2 accounting cycle, Love earned $16,500 of revenue,
incurred $9,900 of expense, and paid $2,200 of dividends. Revenues
and expenses were recognized evenly throughout the accounting
period.
Required
a. Determine the balance in the Retained Earnings
account as of January 1, Year 3.
b. Determine the balance in the temporary accounts
as of January 1, Year 2....
Excerise 1.23
Exercise 1-23 Retained earnings and the closing process As of December 31, 2018, Flowers Company had total assets of $130,000, total liabilities of $50,000, and common stock of $70,000. The company's 2018 income statement contained revenue of $30,000 and expenses of $18,000. The 2018 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, 2018. b. Determine the after-closing...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
Data Table Cash 3,900 26,000 7,200 3,300 1.700 2,700 1,900 Common Stock Retained Earnings, January 1 Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (long-term) 2,300 34,500 100 spense Utilities Expense / / Print Dono / ------------- - - S cuolers. ASSUMIU all aus Ildu lundi Udidos (Click the icon to view the account balances.) 14. Prepare the closing entries for Boxford at December 31. 15. What is...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings...
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