Homework Answers
Net income = Total revenues - Total expenses
= $5,750 - $3,875
= $1,875
Dividend has no effect on net income.
Net income increases the retained earnings by $1,875.
Retained earnings account will increase by $1,875.
Add Answer to:
In the closing process total revenues are determined to be $5,750 while total expenses are determined...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to Retained Earnings. O transfer assets and liabilities to Retained Earnings. O transfer net income (or loss) and Dividends to Retained Earnings O close permanent and temporary accounts
If service revenue is $230,000, total expenses are $205,000, additional capital stock issued of $11,000 and...
If service revenue is $230,000, total expenses are $205,000, additional capital stock issued of $11,000 and dividends declared are $1,000, what is the change in retained earnings as a result of the closing process? A. An increase of $10,000 B. An increase of $1,000 O C. An increase of $230,000 D. An increase of $24,000
For 2018, Broadview Company had revenues in excess of expenses. Which statement describes Broadview's closing entries...
For 2018, Broadview Company had revenues in excess of expenses. Which statement describes Broadview's closing entries at the end of 2018? (Assume there is only one closing entry for both revenue and expenses). A. Revenues will be credited, expenses will be debited, and retained earnings will be credited. B. Revenues will be debited, expenses will be credited, and retained earnings will be debited. C. Revenues will be debited, expenses will be credited, and retained earnings will be credited. D. Revenues...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings,...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $39, 300 9 ,300 7,200 23,500 3,400 2,200 19,100 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice o Increase of $16,600 Increase of $15,600
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800...
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is: Multiple Choice $192,000 $84,800 $368.000 $64,000 $388,800
If Service Revenue is closed out for $11,000 and the total of all expenses is closed...
If Service Revenue is closed out for $11,000 and the total of all expenses is closed out for $6,400, how much is the increase or decrease in Retained Earnings after closing entries have been posted? O A. decrease by $17,400 OB. Increase by $4,600 Oc increase by $17,400 OD. decrease by $4,600
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!):...
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!): The financial statements for Whiplash, Ltd. for 2019 are given below. Given these financial statements, complete the following: PART A - Record closing entries: Record all four closing journal entries using the information in the financial statements given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
QUESTION 35 The special account used only in the closing process to temporarily hold the amounts...
QUESTION 35 The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from the retained earnings account is the
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are...
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55 200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to Retained Earnings. O transfer assets and liabilities to Retained Earnings. O transfer net income (or loss) and Dividends to Retained Earnings O close permanent and temporary accounts
If service revenue is $230,000, total expenses are $205,000, additional capital stock issued of $11,000 and dividends declared are $1,000, what is the change in retained earnings as a result of the closing process? A. An increase of $10,000 B. An increase of $1,000 O C. An increase of $230,000 D. An increase of $24,000
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $39, 300 9 ,300 7,200 23,500 3,400 2,200 19,100 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice o Increase of $16,600 Increase of $15,600
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is: Multiple Choice $192,000 $84,800 $368.000 $64,000 $388,800
If Service Revenue is closed out for $11,000 and the total of all expenses is closed out for $6,400, how much is the increase or decrease in Retained Earnings after closing entries have been posted? O A. decrease by $17,400 OB. Increase by $4,600 Oc increase by $17,400 OD. decrease by $4,600
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!): The financial statements for Whiplash, Ltd. for 2019 are given below. Given these financial statements, complete the following: PART A - Record closing entries: Record all four closing journal entries using the information in the financial statements given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
QUESTION 35 The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from the retained earnings account is the
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55 200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
Most questions answered within 3 hours.
-
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 2 hours ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 2 hours ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 4 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 4 hours ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 5 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 7 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 7 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 8 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 8 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 8 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 9 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 9 hours ago