Homework Answers
| 1 | Service Revenue | 179100 | |
| Interest Revenue | 86800 | ||
| Supplies expense | 93400 | ||
| Advertising expense | 17500 | ||
| Salaries and wages expense | 19950 | ||
| Income tax expense | 15900 | ||
| Retained Earnings | 119150 | ||
| 2 | Retained Earnings | 7100 | |
| Dividends | 7100 | ||
| B | |||
| Retained Earnings | |||
| Beg. Bal. | 278800 | ||
| 12/31/18 | 7100 | 119150 | 12/31/18 |
| End. Bal. | 390850 | ||
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On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: Prepare the closing entries dated December 31, 2016. (If...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $184,100 and interest revenue of $89,300. The company used supplies in the amount of $95,900, advertising expenses were $18,000, salaries and wages totaled $20,700, and income tax expense was calculated as $16,900. During the year, the company declared and paid dividends of $7,600. Prepare the closing entries dated December 31, 2018. Prepare T-account...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,000 29,000 20,000 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Shown below in T-account format are the changes affecting the retained earnings of Forge Corporation during...
Shown below in T-account format are the changes affecting the retained earnings of Forge Corporation during 2018. At January 1 2018, the corporation had outstanding 107 million common shares, $1 par per share. Retained Earnings ($ in millions) Beginning balance 92 Retirement of 7 million common shares for $21 million Net income for the year 81 Declaration and payment of a $e.35 per share cash dividend Declaration and distribution of a 4% stock dividend 35 24 110 Ending balance Required:...
bottom row is total Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7,...
bottom row is total
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31, Credit Debit $ 18,000 11,800 2,000 23.000 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent...
The December 31, 2017, credit balance of the Retained Earnings account was $123,600. Tybalt Construction is...
The December 31, 2017, credit balance of the Retained Earnings
account was $123,600. Tybalt Construction is required to make a
$8,000 payment on its long-term notes payable during 2019.
Required:
1a. Prepare the income statement for the calendar-year
2018.
1b. Prepare the statement of retained earnings for
the calendar-year 2018.
1c. Prepare the classified balance sheet at
December 31, 2018.
2. Prepare the necessary closing entries at
December 31, 2018.
3. Use the information in the financial statements
to compute...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
i Requirement 1. Prepare the closing entries for Sunnydale Enterprises at December 31, 2018. How much...
i Requirement 1. Prepare the closing entries for Sunnydale Enterprises at December 31, 2018. How much net income did Sunnydale Enterprises earn during 2018? Prepare a T-account for Retained Earnings to show the December 31, 2018, balance of Retained Earnings. i Data Table 14,100 41,500 Service revenue ........$ Depreciation expense Other revenue 31,900 4,600 400 Cost of services sold Accumulated depreciation. Selling, general, and administrative expenses Retained earnings December 31, 2017 .. 6,300 Dividends declared 900 Income tax expense Income...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: Prepare the closing entries dated December 31, 2016. (If...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,000 29,000 20,000 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Shown below in T-account format are the changes affecting the retained earnings of Forge Corporation during 2018. At January 1 2018, the corporation had outstanding 107 million common shares, $1 par per share. Retained Earnings ($ in millions) Beginning balance 92 Retirement of 7 million common shares for $21 million Net income for the year 81 Declaration and payment of a $e.35 per share cash dividend Declaration and distribution of a 4% stock dividend 35 24 110 Ending balance Required:...
bottom row is total
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31, Credit Debit $ 18,000 11,800 2,000 23.000 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent...
The December 31, 2017, credit balance of the Retained Earnings
account was $123,600. Tybalt Construction is required to make a
$8,000 payment on its long-term notes payable during 2019.
Required:
1a. Prepare the income statement for the calendar-year
2018.
1b. Prepare the statement of retained earnings for
the calendar-year 2018.
1c. Prepare the classified balance sheet at
December 31, 2018.
2. Prepare the necessary closing entries at
December 31, 2018.
3. Use the information in the financial statements
to compute...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
i Requirement 1. Prepare the closing entries for Sunnydale Enterprises at December 31, 2018. How much net income did Sunnydale Enterprises earn during 2018? Prepare a T-account for Retained Earnings to show the December 31, 2018, balance of Retained Earnings. i Data Table 14,100 41,500 Service revenue ........$ Depreciation expense Other revenue 31,900 4,600 400 Cost of services sold Accumulated depreciation. Selling, general, and administrative expenses Retained earnings December 31, 2017 .. 6,300 Dividends declared 900 Income tax expense Income...
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