Homework Answers
Answer to Question 27-29:
Ending Retained Earnings = Beginning Retained Earnings + Net Income (Loss) – Dividends
Year
20A:
Ending Retained Earnings = $0 + $5.55 - $1.32
Ending Retained Earnings = $4.23
Year
20B:
Ending Retained Earnings = $4.23 + $2.75 - $1.55
Ending Retained Earnings = $5.43
Year
20C:
Ending Retained Earnings = $5.43 + (-$0.10) - $0.50
Ending Retained Earnings = $4.83
Year
20D:
Ending Retained Earnings = $4.83 + $1.25 - $1.00
Ending Retained Earnings = $5.08
Answer to Question 30-33:
Question
30:
The Total amount of debuts that would be shown on the post-closing
trial balance is $670,000.
Question
31:
Total Debit Balance = Total Credit Balance
Total Credit Balance = $670,000
So, $130,000 would be the retained earnings that would be shown on the post closing trial balance.
Question
32:
Total Current Assets = Cash + Accounts Receivable + Inventory
Total Current Assets = $25,000 + $20,000 + $125,000
Total Current Assets = $170,000
Question
33:
Book Value of Equipment = Equipment – Accumulated
Depreciation
Book Value of Equipment = $500,000 - $75,000
Book Value of Equipment = $425,000
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Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for...
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for...
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for 20A - 20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer"in millions" like the example) The Company (in Millions Ending Retained Year Net Income or (Loss Dividends Earnings 204 $5.55 $1.32 $4.23 20B $2.75 $1.55 ($0.10) $0.50 $1.25 od Use the following to answer questions 30-33 The following account balances appear in the 20xC...
Use the following to answer questions 27-29 The company had the following Net Income (Loss) for...
Use the following to answer questions 27-29 The company had the following Net Income (Loss) for 20A-20D (the first four years of operations). Determ their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). The Company (in Millions) Ending Retained Earnings $4.23 Year Net Income or (Loss) Dividends $1.32 $1.55 20B $5.55 $2.75 ($0.10) $1.25 $0.50 1.2.0 file 25 $1.00 Use the following to answer questions 30 - 33 The following account balances appear...
I need help with 27-29 Use the following to answer questions 27-29 The Company had the...
I need help with 27-29
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for 20A - 20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). The Company (in Millions) Ending Retained Year Net Income or (Loss) Dividends Earnings 20A $1.25 $0.00 $1.25 20B $1.90 $1.00 20C ($0.50) $0.50 20D $2.21 $1.00
I need help with 30-33 Use the following to answer questions 30 - 33 The following...
I need help with 30-33
Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BAC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings $50,000 30,000 300,000 600,000 200,000 35,000 250,000 300,000 30. $ Determine the total amount of debits that would be shown on the post-closing trial balance 31. $ Determine retained earnings that would be shown on the...
Use the following to answer questions 30 - 33 The following account balances appear in the...
Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings I-D $25,000 D 20,000 D 125,000 D 500,000 75,000 C 15,000 150,000 300,000 cost - Acc dep=book 30. SOUD Determine the total amount of debits that would be shown on the post-closing trial balanc 31. $ Determine retained earnings that would...
Use the following to answer questions 20 - 26 The following are the year-end account balances...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses...
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...
closing trial ce 284.900 Set for Rahim Company (d) Post the closing account No. 350. (e)...
closing trial ce 284.900 Set for Rahim Company (d) Post the closing account No. 350. (e) Prepare a post-closing trial balance. P4-3A The completed financial statement columns of the worksheet Ltd. are as follows. RAHIM COMPANY, LTD. Worksheet For the Year Ended December 31, 2017 Income Statement Dr. Cr. Statement of Financial Position Dr. 6,200 7,500 600 33,000 Account No. Account Titles 101 Cash 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation Equip. 201 Accounts Payable 212...
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for 20A - 20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer"in millions" like the example) The Company (in Millions Ending Retained Year Net Income or (Loss Dividends Earnings 204 $5.55 $1.32 $4.23 20B $2.75 $1.55 ($0.10) $0.50 $1.25 od Use the following to answer questions 30-33 The following account balances appear in the 20xC...
Use the following to answer questions 27-29 The company had the following Net Income (Loss) for 20A-20D (the first four years of operations). Determ their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). The Company (in Millions) Ending Retained Earnings $4.23 Year Net Income or (Loss) Dividends $1.32 $1.55 20B $5.55 $2.75 ($0.10) $1.25 $0.50 1.2.0 file 25 $1.00 Use the following to answer questions 30 - 33 The following account balances appear...
I need help with 27-29
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for 20A - 20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). The Company (in Millions) Ending Retained Year Net Income or (Loss) Dividends Earnings 20A $1.25 $0.00 $1.25 20B $1.90 $1.00 20C ($0.50) $0.50 20D $2.21 $1.00
I need help with 30-33
Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BAC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings $50,000 30,000 300,000 600,000 200,000 35,000 250,000 300,000 30. $ Determine the total amount of debits that would be shown on the post-closing trial balance 31. $ Determine retained earnings that would be shown on the...
Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings I-D $25,000 D 20,000 D 125,000 D 500,000 75,000 C 15,000 150,000 300,000 cost - Acc dep=book 30. SOUD Determine the total amount of debits that would be shown on the post-closing trial balanc 31. $ Determine retained earnings that would...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses...
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closing trial ce 284.900 Set for Rahim Company (d) Post the closing account No. 350. (e) Prepare a post-closing trial balance. P4-3A The completed financial statement columns of the worksheet Ltd. are as follows. RAHIM COMPANY, LTD. Worksheet For the Year Ended December 31, 2017 Income Statement Dr. Cr. Statement of Financial Position Dr. 6,200 7,500 600 33,000 Account No. Account Titles 101 Cash 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation Equip. 201 Accounts Payable 212...
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