Homework Answers
| opening retained earnings | 118000 | |||||
| Add net income | 124,200 | |||||
| 242200 | ||||||
| less dividends | -45000 | |||||
| closing retained earnings | 197200 | |||||
| answer | 197,200 | |||||
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The following information is available for Zephyr Company before closing the accounts. After all of the closing en...
Question 8 2 pts The following information is available for Zephyr Company before closing the accounts....
Question 8 2 pts The following information is available for Zephyr Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Retained earnings account? Net income $ 115,000 Retained earnings 110,000 Dividends 39,000 $115.000. $225.000 $264,000. $186,000 $956,000
The following table contains financial information for Trumpeter Inc. before closing entries: Cash Supplies Prepaid Rent...
The following table contains financial information for Trumpeter Inc. before closing entries: Cash Supplies Prepaid Rent Salaries Expense Equipment Service Revenue Miscellaneous Expenses Dividends Accounts Payable Common Stock Retained Earnings $13,400 6,300 2,100 4,900 66,900 30,000 20,500 3,200 3,300 66,200 17,800 What is Trumpeter's net income? Multiple Choice Ο Ο 55 10ο Ο $7100 Ο $4,600 Ο Ο 58,100
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
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.
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο
Please help Which of the following accounts would show a balance in a post-closing trial balance?...
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
I’m not sure if this is correct, help, Thank you Closing Entries with Net Income After...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
The End of the Accounting Cycle – the closing process: The accounts and balances from the...
The End of the Accounting Cycle – the closing process: The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account: Amount: Cash...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account:...
Question 8 2 pts The following information is available for Zephyr Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Retained earnings account? Net income $ 115,000 Retained earnings 110,000 Dividends 39,000 $115.000. $225.000 $264,000. $186,000 $956,000
The following table contains financial information for Trumpeter Inc. before closing entries: Cash Supplies Prepaid Rent Salaries Expense Equipment Service Revenue Miscellaneous Expenses Dividends Accounts Payable Common Stock Retained Earnings $13,400 6,300 2,100 4,900 66,900 30,000 20,500 3,200 3,300 66,200 17,800 What is Trumpeter's net income? Multiple Choice Ο Ο 55 10ο Ο $7100 Ο $4,600 Ο Ο 58,100
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.
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
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