Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account?

Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.29E: Preparation of a Statement of Retained Earnings from Closing Entries Fisher Corporation reported a...

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Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Salaries expense Insurance expense Depreciation expense-Equipment Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit
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A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,500 Dividends 7,700 Revenue 22,000 Rent expense 2,200 Salaries expense 5,250 Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13.965 debit. $6,265 credit. $14,985 credit. $13,965 credit.
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 8,750 Dividends 12,250 Revenue 35,000 Rent expense 3,500 Salaries expense 8,150 Insurance expense 390 Depr. Expense-equipment Accum depr.-equipment 600 1,800 Multiple Choice $10.110 credit. $22.360 debit. $22,360 credit. $10.110 credit.
Closing entries with net incomeAutomation Services Co. offers its services to companies desiring to usetechnology to improve their operations. After the accounts have beenadjusted at December 31, the end of the fiscal year, the followingbalances were taken from the ledger of Automation Services: Fees EarnedDividendsRent ExpenseRetained EarningsSupplies ExpenseWages ExpenseMiscellaneous Expense $ 614,50045,000140,0003,250,00018,200320,0008,700 Journalize the closing entries.
Closing entriesAfter the accounts have been adjusted at November 30, the end of thefiscal year, the following balances were taken from the ledger ofDiamond Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $2,550,00025,0001,150,000613,750120,0009,15011,000 Journalize the two entries required to close the accounts.
A company's ledger accounts and their end-of period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters. Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue Rent expense Salaries expense Insurance expense Depr. Expense-equipment Accum depr.-equipment $ 7,000 9,600 29,000 3,600 7,200 920 500 1,500
$9,200 credit. $20,400 credit. $22,020 credit. $20,400 debit.
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue $8,500 11,900 34,000 Rent expense 3,400 Salaries expense 7,950 Insurance expense 380 Depreciation Expense-equipment 580 Accumulated depreciation-equipment 1,740 $21,690 credit. $21,690 debit. $9,790 debit. $9,790 credit.