Homework Answers
Prepaid expense is an expense paid in advance but actually expense has not yet incurred. prepaid expense can be said as an expense which was paid in advance before it actually incurred and which may be incurred in the future. Examples of Prepaid expenses are Prepaid insurance, Prepaid rent etc.
Prepaid expense is an asset and shown under Current Assets in the balance sheet.
Journal entry when prepaid expense incurred is Debit prepaid expense and credit Cash. At the time when actual expense incurred then entry will be Debit Expense account and credit prepaid expense
So, Answer is Paid but not yet incurred.
1) Retained earnings at end of the year =
Retained earnings at the beginning of year
Add: Income during the year
Less: Dividends paid during the year
So, correct answer is Plus Net Income minus dividends
Add Answer to:
The balance in retained earnings at the end of the year is determined by retained earnings...
at the 21. The balance of retained earnings at the end of the year is determined...
at the 21. The balance of retained earnings at the end of the year is determined by retained earnings beginning of the year A. Plus revenues, minus liabilities. B. Plus accruals, minus deferrals. C. Plus net income, minus dividends. D. Plus assets, minus liabilities 22. In its first year of operations Yale Inc. had income before income taxes of $500,000 Duning tne yeu Yale what is their net income for the year? made estimated quarterly income tax payments that totaled...
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Ridge Crest Co. has beginning Retained Earnings of $25,000, ending Retained Earnings of $33,800, and net...
Ridge Crest Co. has beginning Retained Earnings of $25,000, ending Retained Earnings of $33,800, and net income of $16.500. What was the amount of dividends declared during the year? Multiple Choice O $8.800 $7,700 O $8.500 O $16,500 Which account below is a permanent account? Multiple Choice Service Revenue Deferred Revenue Dividends Depreciation Expense
^last answer is 5450 The owner is not responsible for the entity's taxes and debts if...
^last answer is 5450
The owner is not responsible for the entity's taxes and debts if the entity is organized as a(n): Multiple Choice corporation unlimited liability corporation sole proprietorship limited liability corporation. Common Stock Accounts Payable $12,700 Total Assets 64,700 Retained Earnings $183,000 28,700 Notes Payable is the only other item on the balance sheet. Notes Payable must equal: Multiple Choice $78,800 $14,500 $12,200 eenA Stockholders' equity in a corporation consists of Multiple Choice revenues minus expenses. net income...
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Items from the 2015 income statement, statement of retained earnings
Items from the 2015 income statement, statement of retained earnings, and balance sheet of Activision Blizzard, Inc., are listed below in alphabetical order.Solve for the missing amounts. (Loss amounts should be Indicated with o minus sign.)Activision Blizzard, inc.Common Stock$3,130Dividends190Net Income (Loss)Retained Earnings, Beginning of Year3,935Retained Earnings, End of YearTotal Assets15,791Total ExpensesTotal Liabilities7,679Total Revenues4,822Is the company profitable?
At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $267,000 and...
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at the 21. The balance of retained earnings at the end of the year is determined by retained earnings beginning of the year A. Plus revenues, minus liabilities. B. Plus accruals, minus deferrals. C. Plus net income, minus dividends. D. Plus assets, minus liabilities 22. In its first year of operations Yale Inc. had income before income taxes of $500,000 Duning tne yeu Yale what is their net income for the year? made estimated quarterly income tax payments that totaled...
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Ridge Crest Co. has beginning Retained Earnings of $25,000, ending Retained Earnings of $33,800, and net income of $16.500. What was the amount of dividends declared during the year? Multiple Choice O $8.800 $7,700 O $8.500 O $16,500 Which account below is a permanent account? Multiple Choice Service Revenue Deferred Revenue Dividends Depreciation Expense
^last answer is 5450
The owner is not responsible for the entity's taxes and debts if the entity is organized as a(n): Multiple Choice corporation unlimited liability corporation sole proprietorship limited liability corporation. Common Stock Accounts Payable $12,700 Total Assets 64,700 Retained Earnings $183,000 28,700 Notes Payable is the only other item on the balance sheet. Notes Payable must equal: Multiple Choice $78,800 $14,500 $12,200 eenA Stockholders' equity in a corporation consists of Multiple Choice revenues minus expenses. net income...
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 - Adjusted Trial Balance Dr. Account Title Cr. Cash 27,500 Accounts...
Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Final Question Instructions Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent...
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