Kincaid do Pant retained earnings balance in January 1 was 7,000. During the current year Kincaid earned 3500 in revenues and incurred 4100 in expenses. Kincaid declared and paid 2000 in dividend all in cash. After the closing entries are made Kincaid retained earnings balance in December 31 will be what?

Q: At the end of the current year, Jodi Corporation's controller discovers the following items of…

A: The calculation adjustment is given as,

Q: opening balance of Retained earnings

A: Retained earnings is the portion of profits retained by the entity to be used in its revenue…

Q: Montana Incorporated began the year with a retained earnings balance of $50,000. The company paid a…

A: Ending retained earnings balance = Beginning retained earnings balance - Net loss for the year -…

Q: Adam Smith has a Capital balance of $14,000 at the end of the business fiscal year July 31, 2023.…

A: The journal entries are prepared to record the transactions on a regular basis. The closing entries…

Q: e Retained Earnings balance was $23,700 on January 1 Net income for the year was $19.300, If…

A: Dividend declared during the year = Beginning retained earnings + Net income - Ending retained…

Q: Love Company's accounting records show an after-closing balance of $20,600 in its Retained Earnings…

A: Retained earning means amount of profit remain after all the adjustment of expense and adjustments.…

Q: On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses.…

A: 1. Income Statement - Income Statement includes Revenue earned and expense incurred during the year.…

Q: Montana Incorporated began the year with a retained earnings balance of $50,000. The company paid a…

A: Lets understand the basics. For calculating ending balance of retained earnings, we need to use…

Q: At December 31, Year 1, Lord of the Fries, Inc.’s assets were $50,000 and liabilities were $40,000.…

A: Formula No 1 Assets = Liability +  Capital Formula No 2 Closing Capital  = Opening capital  + Net…

Q: Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $6,000 in dividends…

A: Solution: Closing entries are prepared at the end of accounting period to close temporary accounts…

Q: Eliza Vega started an accountinin on June , investing 523,000. Her net loss for the month was…

A: Statement of owners equity: Statement of owners equity also called as Statement of changes in…

Q: ove Company's accounting records show an after-closing balance of $20,800 in its Retained Earnings…

A: Dividend- A part in the yield of an organization that's distributed among the shareholders within…

Q: QP Corp. has a beginning retained earnings balance of $16,000. An adjusted trial balance shows total…

A: Retained earnings are the amount of profit a company has left over after paying all its direct…

Q: Epsilon Company completed its first year of operation this year. The company distributed dividends…

A: The income statement is an essential part of the financial statements of the company. It Indicates…

Q: On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses.…

A: Income Statement for Rachel Cooking Services for the Year Ended December 31, 2024:   Service…

Q: Mukh

A: The objective of the question is to calculate the amount of expenses for the year for Mukh Vik…

Q: On November 1 of the current year, Rob Elliot invested $30,500.00 of his cash to form a corporation,…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Preparing a statement of retained earnings Kingston, Inc. had beginning retained earnings of…

A: Statement of Retained Earnings: A statement which shows earnings retained by a company over the year…

Q: The Opening balance of Retained earnings at beginning of the year 2019

A: Retained earnings is the accumulated earnings which company has earned over its operating years. The…

Q: Prior to recording the closing entries for January 31, 2022, Your Company's Retained Earnings…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: These items are taken from the financial statements of Sheridan Company for 2022. Retained earnings…

A: Retained earnings refer to the amount earned by the organization till the date of preparation of the…

Q: During its first five years of operations, Walter Consulting reports net income and pays dividends…

A: In this question, we need to compute the balance of retained earnings account at the end of each…

Q: Ace Company reports revenues of $40,000 and expenses of $31,000. The company paid $5,000 cash in…

A: The retained earnings represents the Accumulated profits of the business. The dividend is declared…

Q: Love Company's accounting records show an after-closing balance of $21,000 in its Retained Earnings…

A: Retained earnings means the amount of profit left after deducting expenses and dividend from sale…

Q: Eliza Vega started an accountinin on June, investing 523,000. Her net loss for the month was \$3,000…

A: Statement of Owner's Equity refers to the statement which shows the Capital balances at the start of…

Q: Catena's Marketing Company has the following adjusted trial balance at the end of the current year.…

A: Closing entries are the types of entries that are made to permanently close temporary accounts.…

Q: Required: Prepare the closing entries dated December 31, 2022. Enter the beginning balance into the…

A: Closing Entries are passed at the year end to close the Nominal Accounts (i.e. revenue and…

Q: On December 31, 2022, Ditka Incorporated had Retained Earnings of $274,800 before its closing…

A: The closing entries are prepared to close the temporary accounts of the business. The balance of…

Q: Aikman company paid dividends of $2410, $0, $1060 over the first 4 years of the company's existence.…

A: Net income represents the reduction of expenses from the revenues of the company.

Q: Catena's Marketing Company has the following adjusted trial balance at the end of the current year.…

A: Balance sheet refers to the financial statement which shows the assets, liabilities and…

Q: High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200…

A: Closing entries are used to close the temporary accounts. The differences between revenue and…

Q: Ace Company reports revenues of $40,000 and expenses of $31,000. The company paid $5,000 cash in…

A: Retained earnings are the unallocated profits available for distribution to the shareholders. It is…

Q: On December 31, 2022, Ditka Incorporated had Retained Earnings of $273,800 before its closing…

A: Journal Entries are primary step to record the transactions in the books of accounts. The revenue…

Q: Below are the restated amounts of net income and retained earnings for Company A and Company B for…

A: Introduction: Dividends: Dividends are given to the share holders of the company as a return on…

Q: Reference a) b) c) d) e) f) Date Transactions - December 20X2 12/1/20X2 Close out November's revenue…

A: Journal Entries.Journals are the first step in the financial cycle and are used to record financial…

Q: At the beginning of the year, Kim Company had total assets of 800 thousand and total liabilities of…

A: The Accounting Equation represents the fundamental relationship between the Assets, Liabilities, and…

Q: High Step Shoes had annual revenues of $195,000, expenses of $108,700, and dividends of $22,000…

A: Lets understand the basics. Income statement summary is a summary which shows how much net income is…

Q: Prepare finnacial statement:

A: At the end of the period business prepare a statement in which all the details of the company is…

Q: During its first five years of operations, Red Raider Consulting reports net income and pays…

A: Retained earnings is the amount of profits retained by the entity rather than paying them off as…

Q: On January 1, Payson Incorporated had a retained earnings balance of $44,000. During the year,…

A: The retained earnings of the business are the Accumulated profits for past years. The retained…