Homework Answers
| The closing entry to record the profit and the dividends paid would be: | |||||
| Ans: | Option (c ) is correct | ||||
| Explanation: | Revenue and expenses are closed to Income summary account. The difference between revenue and expenses is transferred to retained earnings account and to close the dividends paid, retained earnings account is debited. | ||||
| Date | Account Titles | Debit | Credit | ||
| Income Summary (33000 - 21000) | $12,000 | ||||
| Retained Earnings | $12,000 | ||||
| (To close income summary) | |||||
| Retained Earnings | $1,800 | ||||
| Dividends | $1,800 | ||||
| (To close dividend account) | |||||
Feel free to ask any clarification, if required. Kindly
provide feedback by thumbs up, if satisfied. It will be highly
appreciated.
Thank you.
Add Answer to:
53. WP Stereo Inc. reports the following information at its year end. Revenue $33,000 Total Expenses...
Masks, Inc reports the following: Earned Revenue: $55,000 ($44,000 cash received) Expenses: $38,000 ($32,000 paid toward...
Masks, Inc reports the following:
Earned Revenue: $55,000 ($44,000 cash received)
Expenses: $38,000 ($32,000 paid toward them)
Prepaid Expense: $4,000 paid for expenses for next year
Net income under the cash basis of accounting is:
Masks, Inc reports the following: Earned Revenue: $55,000 ($44,000 cash received) Expenses: $38,000 ($32,000 paid toward them) Prepaid Expense: $4,000 paid for expenses for next year Net income under the cash basis of accounting is: Multiple Choice $17,000 $8,000 $13,000 Multiple Choice $17,000 $8,000 $13,000...
I need help with my closing entries for revenue, expenses, and dividends... :) Information given: The...
I need help with my closing entries for revenue, expenses, and dividends... :) Information given: The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 24,900 Accounts Receivable 15,700 Prepaid Insurance 12,600 Land 151,000 Accounts Payable $ 7,000 Deferred Revenue 6,100 Common Stock 146,000 Retained Earnings 45,100 Totals $ 204,200 $ 204,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services...
QUESTION: I NEED AND INCOME STATEMENT FROM THE INFORMATION THAT FOLLOW. (CLOSING REPORTS) Q Credit Date...
QUESTION: I NEED AND INCOME STATEMENT FROM THE INFORMATION THAT
FOLLOW. (CLOSING REPORTS)
Q
Credit Date Account Titles and Explanation 31-Dec Service Revenue Consulting Revenue Income Summary (To close revenue account) $ $ Debit 20,000 10,000 $ 30,000 $ 16,701 $ $ 31-Dec Income Summary Cost of goods sold Advertising Expense Utilities Expense R&M Expense Wages Expense Interest Expense Insurance Expense Depreciation Expense (To close expense accounts) $ $ $ $ $ 1,500 1,500 2,000 1,800 4,400 1,723 2,000 1,778...
Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the...
Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the year, Hill Insurance Agency earned $33,000 of Service Revenue and incurred $24,000 of various expenses. Dividends of $16,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal." posting reference to show the beginning and...
At the end of 2011, retained earnings for the Bisk Company was $3,450. Revenue earned by...
At the end of 2011, retained earnings for the Bisk Company was $3,450. Revenue earned by the company in 2011 was $2,235, expenses paid during the period were $1,105, and dividends paid during the period were $525. Based on this information alone, retained earnings at the beginning of 2011 was Required information Cole Company began operations on January 1, 2011. During 2011, the company engaged in the following cash transactions: 1) issued stock for $30,000 2) borrowed $33,000 from its...
2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued r...
2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued revenue Match each of the options above to the items below. Receive cash in the current period that will be recorded as a revenue in a future period. Record an expense in the current period that will be paid in cash in a future period. Record a revenue in the current period that will be collected in cash in a future period. Pay...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680...
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue,...
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year. What is the amount of Income Summary that will be closed to Retained Earnings in the 3rd step of the closing process? Will Retained Earnings be debited or credited? Will Retained Earnings be increased or decreased?
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year.
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:Multiple ChoiceDebit Retained earnings $297,000; credit Income Summary $297,000Debit Retained earnings $63,300; credit Income Summary $63,300Debit Income Summary $63,300; credit Retained earnings $63,300Debit Income Summary $81,300, credit Retained...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
Masks, Inc reports the following:
Earned Revenue: $55,000 ($44,000 cash received)
Expenses: $38,000 ($32,000 paid toward them)
Prepaid Expense: $4,000 paid for expenses for next year
Net income under the cash basis of accounting is:
Masks, Inc reports the following: Earned Revenue: $55,000 ($44,000 cash received) Expenses: $38,000 ($32,000 paid toward them) Prepaid Expense: $4,000 paid for expenses for next year Net income under the cash basis of accounting is: Multiple Choice $17,000 $8,000 $13,000 Multiple Choice $17,000 $8,000 $13,000...
QUESTION: I NEED AND INCOME STATEMENT FROM THE INFORMATION THAT
FOLLOW. (CLOSING REPORTS)
Q
Credit Date Account Titles and Explanation 31-Dec Service Revenue Consulting Revenue Income Summary (To close revenue account) $ $ Debit 20,000 10,000 $ 30,000 $ 16,701 $ $ 31-Dec Income Summary Cost of goods sold Advertising Expense Utilities Expense R&M Expense Wages Expense Interest Expense Insurance Expense Depreciation Expense (To close expense accounts) $ $ $ $ $ 1,500 1,500 2,000 1,800 4,400 1,723 2,000 1,778...
At the end of 2011, retained earnings for the Bisk Company was $3,450. Revenue earned by the company in 2011 was $2,235, expenses paid during the period were $1,105, and dividends paid during the period were $525. Based on this information alone, retained earnings at the beginning of 2011 was Required information Cole Company began operations on January 1, 2011. During 2011, the company engaged in the following cash transactions: 1) issued stock for $30,000 2) borrowed $33,000 from its...
Most questions answered within 3 hours.
-
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 55 minutes ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 2 hours ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 3 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 4 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 5 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 5 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 7 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 8 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 8 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 8 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 9 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 9 hours ago