Homework Answers
The amount of retained earning balance in the adjusted trial balance equals the balance of retained earnings at the begining of the accounting period and then this balance is taken to the statement of retained earning , where fnally the ending balance is calculated for tranfer to Balance Sheet.
hence correct answer is option no. (4)
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The balance of retained earnings in the adjusted trial balance: Multiple Choice is not shown. Is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
After closing entries are posted, the balance in the retained earnings account in the ledger will...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
The century company's adjusted trial balance I contains the following balances as of Dec. 31: Retained...
The century company's adjusted trial balance I contains the following balances as of Dec. 31: Retained Earnings $17,000: Dividends $4,000 sales $40,000; Cost of goods sold $16,000 ; selling and administrative expenses $6,000; interest expense $3,000. Prepare closing entries for that company. Close the temporary accounts Straight to tetained comings, The balance of $12,000 in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing Chtrics?
use the following adjusted trial balance sheet for Anderesen corporation for the answers to a b...
use
the following adjusted trial balance sheet for Anderesen
corporation for the answers to a b and c
Adjusted Trial Balance For the Year Ending December 31, 2016 Debit Credit Cash $44,000 Accounts receivable 56,000 Equipment 376,000 Accumulated depreciation $72,000 Notes payable 60,000 Common stock 130,000 Retained earnings 142,000 Service fees earned 348,000 Rent expense 88,000 Salaries expense 116,000 Depreciation expense 72,000 0 Totals $752,000 $752,000 a. Based on Anderson's adjusted trial balance, Net Income for the period equals? b....
Prepare closing entries to Retalhed Earnings The Century Company's adjusted trial balance contains the following balances...
Prepare closing entries to Retalhed Earnings The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $17,000; Dividends $4,000; Sales $40,000; Cost of Goods Sold $16,000; Selling and Administrative Expenses $6,000; Interest Expense $3,000. Prepare the closing entries for The Century Company. Close the temporary accounts straight to retained earnings. General Journal Description Debit To close the revenue account. Cost of goods sold Selling and administrative expense To close the expense accounts. To close...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
perpare closing entries directly to retained esrnings in general journal form The adjusted trial balance shown...
perpare closing entries directly to retained esrnings in
general journal form
The adjusted trial balance shown below is for Fine consulting service as of Dec. 31. Bryan Fine made Cape Contibution during the cox 1,183 Adjusted Trial Balance | Dr cash $3,780 Accounts Rec. 4,578 Supplies 4284 Prepaid Ing. 2.100 Equipment 8960 Actum. Depr. -Equipment 1512 Accounts Payable Long-term notes payable 9,800 Common Stock 2,800 Retained Earnings 7,287 Dividends 4,060 service fees carned 81,760 Rent expense 16,800 Salarics apense 46,760...
Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1:...
Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1: Credit Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Cash $ 15,900 Accounts Receivable 12,950 Office Equipment 23,300 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends 7,900 Fees Earned Salaries Expense 16,800 Advertising Expense 3,450 Depreciation Expense 4,450 Totals $ 84,750 $ 6,400 7,950 22,900 47,500 $ 84,750 After closing the accounts, Retained Earnings at December 31 equals:
1. What is the major difference between the unadjuste and the adjusted trial balance? | 1....
1. What is the major difference between the unadjuste and the adjusted trial balance? | 1. The adjusted trial balance will show the net income (loss) as an additional acce 1. Unlike the adjusted trial balance, the unadjusted trial balance will continue wit period processing even if it is not in balance. The adjusted trial balance includes the postings of the adjustments for the peric balance of the accounts. 11. The adjusted trial balance will be used to record the...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
The century company's adjusted trial balance I contains the following balances as of Dec. 31: Retained Earnings $17,000: Dividends $4,000 sales $40,000; Cost of goods sold $16,000 ; selling and administrative expenses $6,000; interest expense $3,000. Prepare closing entries for that company. Close the temporary accounts Straight to tetained comings, The balance of $12,000 in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing Chtrics?
use
the following adjusted trial balance sheet for Anderesen
corporation for the answers to a b and c
Adjusted Trial Balance For the Year Ending December 31, 2016 Debit Credit Cash $44,000 Accounts receivable 56,000 Equipment 376,000 Accumulated depreciation $72,000 Notes payable 60,000 Common stock 130,000 Retained earnings 142,000 Service fees earned 348,000 Rent expense 88,000 Salaries expense 116,000 Depreciation expense 72,000 0 Totals $752,000 $752,000 a. Based on Anderson's adjusted trial balance, Net Income for the period equals? b....
Prepare closing entries to Retalhed Earnings The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $17,000; Dividends $4,000; Sales $40,000; Cost of Goods Sold $16,000; Selling and Administrative Expenses $6,000; Interest Expense $3,000. Prepare the closing entries for The Century Company. Close the temporary accounts straight to retained earnings. General Journal Description Debit To close the revenue account. Cost of goods sold Selling and administrative expense To close the expense accounts. To close...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
perpare closing entries directly to retained esrnings in
general journal form
The adjusted trial balance shown below is for Fine consulting service as of Dec. 31. Bryan Fine made Cape Contibution during the cox 1,183 Adjusted Trial Balance | Dr cash $3,780 Accounts Rec. 4,578 Supplies 4284 Prepaid Ing. 2.100 Equipment 8960 Actum. Depr. -Equipment 1512 Accounts Payable Long-term notes payable 9,800 Common Stock 2,800 Retained Earnings 7,287 Dividends 4,060 service fees carned 81,760 Rent expense 16,800 Salarics apense 46,760...
Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1: Credit Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Cash $ 15,900 Accounts Receivable 12,950 Office Equipment 23,300 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends 7,900 Fees Earned Salaries Expense 16,800 Advertising Expense 3,450 Depreciation Expense 4,450 Totals $ 84,750 $ 6,400 7,950 22,900 47,500 $ 84,750 After closing the accounts, Retained Earnings at December 31 equals:
1. What is the major difference between the unadjuste and the adjusted trial balance? | 1. The adjusted trial balance will show the net income (loss) as an additional acce 1. Unlike the adjusted trial balance, the unadjusted trial balance will continue wit period processing even if it is not in balance. The adjusted trial balance includes the postings of the adjustments for the peric balance of the accounts. 11. The adjusted trial balance will be used to record the...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
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