folowing income statement as part of its annual repor. NOT: retained eranings net profit, dividendswithdrawal FICK PSYCHOLOGat CES, INC. View transaction list t Incone Statenent For the year ended Decenber 31, current year Revenue Counseling revenue Expenses s se0, 000 Journal entry worksheet : Advertising expense C ISEng Salaries expense $ 2,70 99,000 1 2 > oftice supplies expense 1 Utitities expense Malpractice insurance expense 6.000 25,000 2,758 4,000 5,00 35,e00 Record the entry to close expense accounts. office rent expense Continuing education expense Depreciation expense fixtures Miscellaneous expense Incone taxes expense 187, 150 Note: Enter debits before credts Net income Transaction General Journal Debit Credit 2 Fick's statement of retained earnings indicates that a $7.000 cash dividend was declared and paid during the current year. a Prepare the necessary closing entries on December 31 of the curent year. b.f Fick's Retained earnings account had a $92.000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the firm's year end balance sheet dated December 31? Complete this question by entering your answers in the tabs below. Required A Required Fic's Retained earnings account had a s2,000 balance on at the beginning of the current year, at what amount should Retained Earmings be reported in the firm's year-end balance sheet dated December 317 Retained eamings. December 31, curent year - Q Q ® Q Ara Record entry Clear entry View general jeurnal Q Ara Required A Required 8 Complete this question by entering your answers in the tabs below. Required A Reured Prepare the necessary closing entries on December 31 of the current year. (f no entry is required for a transaction/event, select "No journal entry required" in the frat account fed) Prepare the necessary dosing entries on December 31 of the cument year. no entry is required for a transaction/event joumal entry required in the first account feld.) Regured a Required View ansaction le View tranaction t Prepare the necessary closing entries on December 31 of the current year. (f no entry is required for a transaction/event, journal entry required in the first account field.) Journal entry worksheet Journal entry worksheet View transaction lit 2 > Record the entry to close dividends. Journal entry worksheet Record the transfer of Net incomeloss Note Eter debts befre ced Record the entry to cose the revenue account Nt Eter des etre General Jounal Deb Cred Transaction Debit Credit Transaction General Junal Debit Credit Note: Enter dits before credits Transaction General Journal Deb Cred Recerd entry Cleartry Vie penejurnal Record entry Carntry unel d
folowing income statement as part of its annual repor. NOT: retained eranings net profit, dividendswithdrawal FICK PSYCHOLOGat CES, INC. View transaction list t Incone Statenent For the year ended Decenber 31, current year Revenue Counseling revenue Expenses s se0, 000 Journal entry worksheet : Advertising expense C ISEng Salaries expense $ 2,70 99,000 1 2 > oftice supplies expense 1 Utitities expense Malpractice insurance expense 6.000 25,000 2,758 4,000 5,00 35,e00 Record the entry to close expense accounts. office rent expense Continuing education expense Depreciation expense fixtures Miscellaneous expense Incone taxes expense 187, 150 Note: Enter debits before credts Net income Transaction General Journal Debit Credit 2 Fick's statement of retained earnings indicates that a $7.000 cash dividend was declared and paid during the current year. a Prepare the necessary closing entries on December 31 of the curent year. b.f Fick's Retained earnings account had a $92.000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the firm's year end balance sheet dated December 31? Complete this question by entering your answers in the tabs below. Required A Required Fic's Retained earnings account had a s2,000 balance on at the beginning of the current year, at what amount should Retained Earmings be reported in the firm's year-end balance sheet dated December 317 Retained eamings. December 31, curent year - Q Q ® Q Ara Record entry Clear entry View general jeurnal Q Ara Required A Required 8 Complete this question by entering your answers in the tabs below. Required A Reured Prepare the necessary closing entries on December 31 of the current year. (f no entry is required for a transaction/event, select "No journal entry required" in the frat account fed) Prepare the necessary dosing entries on December 31 of the cument year. no entry is required for a transaction/event joumal entry required in the first account feld.) Regured a Required View ansaction le View tranaction t Prepare the necessary closing entries on December 31 of the current year. (f no entry is required for a transaction/event, journal entry required in the first account field.) Journal entry worksheet Journal entry worksheet View transaction lit 2 > Record the entry to close dividends. Journal entry worksheet Record the transfer of Net incomeloss Note Eter debts befre ced Record the entry to cose the revenue account Nt Eter des etre General Jounal Deb Cred Transaction Debit Credit Transaction General Junal Debit Credit Note: Enter dits before credits Transaction General Journal Deb Cred Recerd entry Cleartry Vie penejurnal Record entry Carntry unel d
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
could you please answer ? I don't have too much credit to answer it

Transcribed Image Text:Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/eve
journal entry required" in the first account field.)
Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the
following income statement as part of its annual report.
NOT: retained eranings = net profit, dividends = withdrawal
View transaction list
FICK PSYCHOLOGICAL SERVICES, INC.
Income Statement
For the year ended December 31, current year
Revenue:
$ 500,000
Journal entry worksheet
Counseling revenue
Expenses:
Advertising expense
Salaries expense
$ 2,700
99,000
1,800
900
く
1
2
3
4
>
Office supplies
Utilities expense
.באזמא
Malpractice insurance expense
Office rent expense
expense
6,000
25,000
2,750
4,000
5,000
35,000
Record the entry to close expense accounts.
Continuing education expense
Depreciation expense: fixtures
Miscellaneous expense
Income taxes expense
182,150
Note: Enter debits before credits.
Net income
$ 317,850
Transaction
General Journal
Debit
Credit
2
Fick's statement of retained earnings indicates that a $7,000 cash dividend was declared and paid during the current year.
a. Prepare the necessary closing entries on December 31 of the current year.
b. If Fick's Retained earnings account had a $92,000 balance on at the beginning of the current year, at what amount should Retained
Earnings be reported in the firm's year-end balance sheet dated December 31?
Complete this question by entering your answers in the tabs below.
Required A
Required B
If Fick's Retained earnings account had a $92,000 balance on at the beginning of the current year, at what amount should
Retained Earnings be reported in the firm's year-end balance sheet dated December 31?
Retained earnings, December 31, current year
Q Ara
Record entry
Clear entry
View general journal
Ara
Required A
Required B
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event, select "No
journal entry required"
the first account field.)
Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field.)
Required A
Required B
View transaction list
View transaction list
Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event,:
journal entry required" in the first account field.)
Journal entry worksheet
Journal entry worksheet
View transaction list
< 1 2
3
>
4
< 1
>
3
4
Record the entry to close dividends.
Journal entry worksheet
Record the transfer of Net income/loss.
く
2
3
4
>
Note: Enter debits before credits.
Record the entry to close the revenue account.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Transaction
General Journal
Debit
Credit
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal
Record entry
Clear entry
View general journal
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