Homework Answers
Post closing retained earnings balance = Retained earning + Net Income - Dividends
Net Income = Revenues - Selling and adminitrative expense - Insurance expense
= 8000 - 1000 - 1000
= 6000
Post closing trial balance retained earnings
= 6000 + 6000 - 2000
= 10000
Correct choice C
Add Answer to:
Based on the following adjusted trial balance: Garnet & Gold Corporation Adjusted Trial Balance As of...
The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation...
The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 Accounts Receivable 500 Prepaid Insurance 60 Supplies 140 Equipment 4,000 Accumulated Depreciation, Equipment $ 800 Unearned Revenues 300 Common Stock 1,000 Retained Earnings 1,400 Service Revenue 3,000 Salaries and Wages Expense 1,000 Rent Expense 500 $ 6,500 $ 6,500 If, at year-end, the unexpired insurance were $40, the company should record an adjusting entry that...
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows:...
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, supplies on hand were $20, the company should record...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
1. (12 pts) The following data were taken from the adjusted trial balance of Star Search...
1. (12 pts) The following data were taken from the adjusted trial balance of Star Search Video Company. Star Search Video Company Adjusted Trial Balance Data December 31, 20D Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Furniture & Fixtures Building Capital Stock Cash Copyrights Dividends Declared Furniture & Fixtures Land Note Payable (10%, duc in 5 years) Office Supplies Prepaid Insurance Retained Earnings (January 1, 20D) Salaries Payable Service Revenue Salaries Expense Utilities Expense Depreciation Expense Insurance Expense Office Supplies...
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3...
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3 l is a oWS Adjusted Trial Balance Debit Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 10,000 16,050 7,500 80,500 29,800 10,200 4,900 5,100 8,000 4,000 800 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c....
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 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...
Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit...
Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash $ 1,600 Accounts Receivable 8,200 Office Supplies 500500 Equipment 19,600 Accumulated Depreciation - Equipment $ $2,000 Accounts Payable 1,700 Salaries Payable 800 Unearned Revenue 500500 Common Stock 3,900 Dividends 3,000 Service Revenue 49,100 Salaries Expense 21,000 Supplies Expense 2,400 Depreciation Expense— Equipment 1,700 Total $58,000 $58,000 What will the balance of the Retained Earnings account be after the closing entries are posted? A....
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, supplies on hand were $20, the company should record...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
1. (12 pts) The following data were taken from the adjusted trial balance of Star Search Video Company. Star Search Video Company Adjusted Trial Balance Data December 31, 20D Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Furniture & Fixtures Building Capital Stock Cash Copyrights Dividends Declared Furniture & Fixtures Land Note Payable (10%, duc in 5 years) Office Supplies Prepaid Insurance Retained Earnings (January 1, 20D) Salaries Payable Service Revenue Salaries Expense Utilities Expense Depreciation Expense Insurance Expense Office Supplies...
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3 l is a oWS Adjusted Trial Balance Debit Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 10,000 16,050 7,500 80,500 29,800 10,200 4,900 5,100 8,000 4,000 800 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c....
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...
Most questions answered within 3 hours.
-
The computer that controls a bank's automatic teller machine
crashes a mean of 0.6 times per...
asked 1 minute ago -
`1) How is -9 (base 10) represented in 8-bit two's complement
notation?
a) 00001001
b)11110111
c)11110110...
asked 10 minutes ago -
A 10.000 g sample of water contains 11.19% H by mass. what
should be the %H...
asked 28 minutes ago -
Consider an investment game among 2 players. Each player can
either invest,
i, or not invest,-i....
asked 25 minutes ago -
The time taken to complete a particular task is normally
distributed with a standard deviation of...
asked 36 minutes ago -
we have heteroskedasticity in a regression when:
When the variance of error terms changes when an...
asked 45 minutes ago -
Explain some different types of fungi. State the different
divisions undergo by fungi.
asked 58 minutes ago -
The shortest time that 120 C can flow through a 20 A circuit
breaker without tripping...
asked 58 minutes ago -
A software design pattern is a general, reusable solution to a
commonly occurring problem, acting as...
asked 1 hour ago -
The mean waiting time at the drive-through of a fast-food
restaurant from the time an order...
asked 1 hour ago -
The pitch (p) of a helix is defined as p = dn, in which n is...
asked 1 hour ago -
Do you agree that the declining stock of social capital is the
blame for the failure...
asked 1 hour ago