Homework Answers
Fee earned = $47,867
Total expenses = $32,937
Net Income = Fee earned - Total expenses
= 47,867-32,937
= $14,930
Hence, the entry to close dividends would be:
Debit retained earnings, $14,930, credit dividends, $14,930.
Correct option is c.
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Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 6,091 6,091 Dividends 1,000 1,000 Fees Earned 45,233 45,233 Wages Expense 19,173 19,173 Rent Expense 5,949 5,949 Depreciation Expense 5,202 5,202 Totals 74,324 74,324...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 3,688 3,688 Dividends 1,000 1,000 Fees Earned 50,510 50,510 Wages Expense 21,658 21,658 Rent Expense 5,674 5,674 Depreciation Expense 5,866 5,866 Totals 77,198 77,198...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 10,765 10,765 Dividends 1,000 1,000 Fees Earned 42,594 42,594 Wages Expense 20,402 20,402 Rent Expense 6,087 6,087 Depreciation Expense 5,870 5,870 Totals 76,359 76,359...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income Statement Credit Debit Credit Credit Debit Debit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies 19,000 19,000 Equipment 6,000 6,000 Accumulated Depr. 10,000 10,000 Accounts Payable 2,000 2,000 Wages Payable 5,000 5,000 Common Stock 9,197 Retained Earnings 9,197 1,000 Dividends 1,000 44,064 Fees Earned 44,064 Wages Expenser 20,140 20,140 Rent Expense 6,374 6,374 Depreciation Expense 5,747 5,747 32,197 76,261 44,064...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 Account Title Balance Sheet Debit Credit 16,000 6,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 5,000 1,241 1,000 1,000 21,751 5,537 5.737 $37 Totals 77,025 33.925 52,784 44,000 Net Income (Loss)...
End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account...
End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,613 8,613 Dividends 1,000 1,000 Fees Earned 43,425 43,425 Wages Expense 19,913 19,913 Rent Expense 6,820 6,820 Depreciation Expense 4,305 4,305 Totals 75,038 75,038 31,038 43,425...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,004 8,004 Dividends 1,000 1,000 Fees Earned 44,669 44,669 Wages Expense 21,425 21,425 Rent Expense 6,067 6,067 Depreciation Expense 4,181 4,181 Totals 75,673 75,673 31,673 44,669 44,000 31,004...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48.000 18,000 6.000 57,000 18,000 6.00 57.000 18,000 18.000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Eamings Dividends 25,000 25,000 6,000 6,000 30,000 30,000 3.000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income Loss) 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income Statement Credit Debit Credit Credit Debit Debit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies 19,000 19,000 Equipment 6,000 6,000 Accumulated Depr. 10,000 10,000 Accounts Payable 2,000 2,000 Wages Payable 5,000 5,000 Common Stock 9,197 Retained Earnings 9,197 1,000 Dividends 1,000 44,064 Fees Earned 44,064 Wages Expenser 20,140 20,140 Rent Expense 6,374 6,374 Depreciation Expense 5,747 5,747 32,197 76,261 44,064...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 Account Title Balance Sheet Debit Credit 16,000 6,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 5,000 1,241 1,000 1,000 21,751 5,537 5.737 $37 Totals 77,025 33.925 52,784 44,000 Net Income (Loss)...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48.000 18,000 6.000 57,000 18,000 6.00 57.000 18,000 18.000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Eamings Dividends 25,000 25,000 6,000 6,000 30,000 30,000 3.000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income Loss) 15,000...
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