Homework Answers
Answer : Increase by 4600 dollars
Above answer is explained below in detail:
On the basis of given data the excess revenue will leads to profit and ultimately it increases the amount of retained earnings.
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If Service Revenue is closed out for $11,000 and the total of all expenses is closed...
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
Fill out chart for A: Record entry to close service revenue. B: Record entry to close...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB....
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
The accounts of Meadowbrook Services, Inc., January 31, 2018, are well in alcalder Con to view...
The accounts of Meadowbrook Services, Inc., January 31, 2018, are well in alcalder Con to view the Read the Requirement 1. Allians have been journalized and posted, but the closing entre not yet de jour Meadowbrook's longer alary 31, 2018 Recordsbits the credits. Ele explanations from any Jual ) Record the closing wis for direkt Jary 31, 2018. Begin by casing the reverse account Journal Entry Accounts Debit Credit 11 31 Requirements 1. All adjustments have been journalized and posted,...
there is no beiginning balance This Test: 100 Given the following account balances before closing entries,...
there is no beiginning balance
This Test: 100 Given the following account balances before closing entries, what would be the balance for Retained Earnings on the Post-Closing Trial Balance (assuming the beginning Retained Earnings balanc Dividends 20.000 Service Revenue 303,000 Salaries Expense 64.000 Depreciation Expense - Building and Equipment 6,300 Supplies Expense 14.000 Insurance Expense 16.100 Unities Expense 20.200 O A S181,600 OB. 5161,600 OC. $121,400 OD. $283.000 O Given the following account balances before closing entries, what would be...
What effect will the following closing entry have on the retained earnings account? Service Revenue 22,800...
What effect will the following closing entry have on the retained earnings account? Service Revenue 22,800 Interest Expense 1750 Operating Expenses 17,500 Retained Earnings 3550 Select one: a. Retained earnings will remain unchanged. b. Retained earnings will be transferred to the income statement. c. Retained earnings will increase by $3550. d. Retained earnings will decrease by $3550.
In the closing process total revenues are determined to be $5,750 while total expenses are determined...
In the closing process total revenues are determined to be $5,750 while total expenses are determined to be $3,875 and total dividends are $1,350. The retained earnings account will O decrease by $1,875. O increase by $1,875. O Retained earnings does not change. O increase by $525. decrease by $525.
Credit Depic $665 839 1250 34 120 $21 33 Cash Accounts receivable Inventory Prepaid rent Equipment...
Credit Depic $665 839 1250 34 120 $21 33 Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total 49 77 2645 147 22 60 26 $2994 $2994 After closing entries have been posted, the balance in retained earnings will be: O $2728. O $2581. O $2814. O $2630
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation...
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total $2773 $2773 After closing entries have been posted, the balance in retained earnings will be:
Calculator Which of the following best describes one effect of recognizing expenses incurred by a business...
Calculator Which of the following best describes one effect of recognizing expenses incurred by a business entity? Oa. Contributed capital will increase. Ob. Retained earnings will decrease. Oc. Assets will increase. Od. Liabilities will decrease.
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
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
The accounts of Meadowbrook Services, Inc., January 31, 2018, are well in alcalder Con to view the Read the Requirement 1. Allians have been journalized and posted, but the closing entre not yet de jour Meadowbrook's longer alary 31, 2018 Recordsbits the credits. Ele explanations from any Jual ) Record the closing wis for direkt Jary 31, 2018. Begin by casing the reverse account Journal Entry Accounts Debit Credit 11 31 Requirements 1. All adjustments have been journalized and posted,...
there is no beiginning balance
This Test: 100 Given the following account balances before closing entries, what would be the balance for Retained Earnings on the Post-Closing Trial Balance (assuming the beginning Retained Earnings balanc Dividends 20.000 Service Revenue 303,000 Salaries Expense 64.000 Depreciation Expense - Building and Equipment 6,300 Supplies Expense 14.000 Insurance Expense 16.100 Unities Expense 20.200 O A S181,600 OB. 5161,600 OC. $121,400 OD. $283.000 O Given the following account balances before closing entries, what would be...
In the closing process total revenues are determined to be $5,750 while total expenses are determined to be $3,875 and total dividends are $1,350. The retained earnings account will O decrease by $1,875. O increase by $1,875. O Retained earnings does not change. O increase by $525. decrease by $525.
Credit Depic $665 839 1250 34 120 $21 33 Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total 49 77 2645 147 22 60 26 $2994 $2994 After closing entries have been posted, the balance in retained earnings will be: O $2728. O $2581. O $2814. O $2630
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total $2773 $2773 After closing entries have been posted, the balance in retained earnings will be:
Calculator Which of the following best describes one effect of recognizing expenses incurred by a business entity? Oa. Contributed capital will increase. Ob. Retained earnings will decrease. Oc. Assets will increase. Od. Liabilities will decrease.
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