Homework Answers
| Income Statement | ||
| Revenues | ||
| Service revenue | 147 | |
| Interest revenue | 22 | |
| Total revenues | 169 | |
| Expenses: | ||
| Salaries and wages expense | 60 | |
| Travel expense | 26 | |
| Total expenses | -86 | |
| Net income | 83 | |
Retained earnings, ending = Retained earnings, ending+ Net income- Dividends
= 2,645+83
= $2,728
After the closing entries have been posted, the balance in retained earnings will be $2,728.
First option is correct.
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Credit Depic $665 839 1250 34 120 $21 33 Cash Accounts receivable Inventory Prepaid rent Equipment...
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:
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid...
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
Given the following adjusted tabular summary amounts: Cash $1696 Accounts receivable 2006 Inventory 3286 Prepaid rent...
Given the following adjusted tabular summary amounts: Cash $1696 Accounts receivable 2006 Inventory 3286 Prepaid rent 80 Equipment 280 Accumulated depreciation-equipment 46 Accounts payable 76 Unearned service revenue 122 Common stock 152 Retained earnings 6770 Service revenue 370 Interest revenue 52 Salaries and wages expense 170 Travel expense 70 The ending retained earnings amount on the retained earnings statement will be: $7124. $6756. $6582. $6952.
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700...
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700 Accounts Payable 4,500 Common Stock 22,790 Retained Earnings 7,030 Dividends 3,600 Service Revenue 15,200 Salaries and Wages Expense 11,000 Rent Expense 900 Depreciation Expense Interest Expense Interest Payable Totals 59,750 59,750 NO. Date ACCOUNE Trues and explanation WEDNE (1) Apr. 30 (To dose revenue account) (2) Apr. 30 (To dose expense accounts) (3) Apr. 30 (To dose net income / (loss)) (4) Apr. 30...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Account Debit Credit Cash $19,000 Accounts receivable 19,600 Supplies 3,000 Prepaid rent 2,100 Equipment 37,000 Accumulated...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
Data Table Cash 10,000 Accounts receivable 18,900 Supplies 2,000 1,300 Prepaid rent Equipment 36,900 Accumulated depreciation-equipment...
Data Table Cash 10,000 Accounts receivable 18,900 Supplies 2,000 1,300 Prepaid rent Equipment 36,900 Accumulated depreciation-equipment 4,100 Accounts payable 8,700 Interest payable 800 Unearned service revenue 500 Income tax payable 2,000 Note payable 18,400 Common stock 11,000 Retained earnings 5,000 Dividends 3,000 Service revenue 98,900 Depreciation expense-equipment 1,300 Salary expense 49,800 Rent expense 11,200 Interest expense 2,500 Insurance expense 3,500 2,100 Supplies expense 6,900 Income tax expense 149,400 $ 149,400 Total Print Done %24 The adjusted trial balance for the...
Given the following adjusted trial balance: Debit Credit Cash $848 Accounts receivable 1070 1593 44 150...
Given the following adjusted trial balance: Debit Credit Cash $848 Accounts receivable 1070 1593 44 150 $27 Inventory Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue 42 62 101 3370 188 29 80 Interest revenue Salaries and wages expense Travel expense Total 34 $3819 $3819 Net Income for the year is: Common stock TUT Retained earnings 3370 Service revenue 188 29 Interest revenue Salaries and wages expense 80 Travel expense 34...
Given the following adjusted trial balance: Debit Credit Cash $864 Accounts receivable 1091 Inventory 1624 45...
Given the following adjusted trial balance: Debit Credit Cash $864 Accounts receivable 1091 Inventory 1624 45 160 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned service revenue $27 43 63 Common stock 110 Retained earnings Service revenue 3435 191 Interest revenue 29 Salaries and wages expense 80 Travel expense 34 Total $3898 $3898 Net income for the year is:
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:
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700 Accounts Payable 4,500 Common Stock 22,790 Retained Earnings 7,030 Dividends 3,600 Service Revenue 15,200 Salaries and Wages Expense 11,000 Rent Expense 900 Depreciation Expense Interest Expense Interest Payable Totals 59,750 59,750 NO. Date ACCOUNE Trues and explanation WEDNE (1) Apr. 30 (To dose revenue account) (2) Apr. 30 (To dose expense accounts) (3) Apr. 30 (To dose net income / (loss)) (4) Apr. 30...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
Data Table Cash 10,000 Accounts receivable 18,900 Supplies 2,000 1,300 Prepaid rent Equipment 36,900 Accumulated depreciation-equipment 4,100 Accounts payable 8,700 Interest payable 800 Unearned service revenue 500 Income tax payable 2,000 Note payable 18,400 Common stock 11,000 Retained earnings 5,000 Dividends 3,000 Service revenue 98,900 Depreciation expense-equipment 1,300 Salary expense 49,800 Rent expense 11,200 Interest expense 2,500 Insurance expense 3,500 2,100 Supplies expense 6,900 Income tax expense 149,400 $ 149,400 Total Print Done %24 The adjusted trial balance for the...
Given the following adjusted trial balance: Debit Credit Cash $848 Accounts receivable 1070 1593 44 150 $27 Inventory Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue 42 62 101 3370 188 29 80 Interest revenue Salaries and wages expense Travel expense Total 34 $3819 $3819 Net Income for the year is: Common stock TUT Retained earnings 3370 Service revenue 188 29 Interest revenue Salaries and wages expense 80 Travel expense 34...
Given the following adjusted trial balance: Debit Credit Cash $864 Accounts receivable 1091 Inventory 1624 45 160 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned service revenue $27 43 63 Common stock 110 Retained earnings Service revenue 3435 191 Interest revenue 29 Salaries and wages expense 80 Travel expense 34 Total $3898 $3898 Net income for the year is:
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