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Critz Company was started on January 1, Year 1. During the month of January. Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Requlred a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue end Exn

Critz Company was started on January 1, Year 1. During the month of January. Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Requlred a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue end Exn

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Critz Company was started on January 1, Year 1. During the month of January, Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1. Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2 Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req Eand F Determine the balanc es in the Retai ned E ar nings, Revenue and Expense acc ounts as of December 31, Year 1, before closing. Year 1 c Retained earnings d. Rev enue Expens e ( Reg A and B Req E and F
Transcribed Image Text:Critz Company was started on January 1, Year 1. During the month of January, Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1. Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2 Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req Eand F Determine the balanc es in the Retai ned E ar nings, Revenue and Expense acc ounts as of December 31, Year 1, before closing. Year 1 c Retained earnings d. Rev enue Expens e ( Reg A and B Req E and F
Critz Company was started on January 1. Year 1. During the month of January. Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1. Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Requlred a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1. Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2 Complete this question by entering your answers in the tabs below. Reg Aand B Req Cand D Req Eand F Determine the balanc es in the Retai ned E arnings, Revenue and Expens e accounts as of January 31, Year 1. Year 1 a. Retained earnings b. Revenue Expens e Req C and D > Dw
Transcribed Image Text:Critz Company was started on January 1. Year 1. During the month of January. Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1. Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Requlred a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1. Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2 Complete this question by entering your answers in the tabs below. Reg Aand B Req Cand D Req Eand F Determine the balanc es in the Retai ned E arnings, Revenue and Expens e accounts as of January 31, Year 1. Year 1 a. Retained earnings b. Revenue Expens e Req C and D > Dw
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