Question:25 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 Salaries expense Insurance expense Depreciation expense-Equipment $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account?

Question:25 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 Salaries expense Insurance expense Depreciation expense-Equipment $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

See similar textbooks

Similar questions

Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $157,080 Interest expense 27,720 Average total assets 2,800,000 Determine the return on total assets? If required, round the answer to one decimal place.
4
PE.17-09B - Return on total assets A company reports the following income statement and balance sheet information for the current year: Net income Interest expense Average total assets $410,000 90,000 5,000,000 Determine the return on total assets. I %
Please Help
please answer do not image format
If you give me correct answer I will give you helpful rate on these general accounting question
Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
Category Prior Year Current Year Accounts payable 3,159.00 5,955.00 Accounts receivable 6,974.00 8,952.00 Accruals 5,771.00 6,100.00 Additional paid in capital 19,965.00 13,214.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,509.00 18,563.00 Current portion long-term debt 500 500 Depreciation expense 1,044.00 984.00 Interest expense 1,285.00 1,168.00 Inventories 3,015.00 6,719.00 Long-term debt 16,894.00 22,766.00 Net fixed assets 75,882.00 73,989.00 Notes payable 4,022.00 6,500.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,811.00 34,391.00 Sales 46,360 45,993.00 Taxes 350 920 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places. unanswered not_submitted Attempts Remaining: Infinity
7
At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year Earnings per share $31,800 88, 600 111,500 10, 400 279,000 $ 521,300 1 Year Ago $ 35,750 62,500 80, 200 9,450 257, 500 $ 445,400 $ 129, 200 $ 74,250 100, 000 96,500 162,500 133, 100 162, 500 108, 650 $ 521,300 $ 445,400 $ 463,150 243, 350 12, 100 9,550 Current Year The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income $ 785,000 2 Years Ago 728, 150 $ 56,850 $ 3.50 $ 37,600 49,500 52,500 5,300 229,000 $373,900 $ 51,000 80, 200 162,500 80, 200 $ 373,900 1 Year Ago $ 346,500 132,000 12,900 8,850 $ 550,000 500, 250 $ 49,750 $ 3.06
11. options are Accrual based accountingTime Period AssumptionFiscal yearAnnual Finanical statements
Question Content Area The following information was taken from Slater Company's balance sheet: Line Item Description Amount Fixed assets (net) $2,694,060 Long-term liabilities 498,900 Total liabilities 551,680 Total stockholders' equity 1,724,000 Determine the company’s (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders’ equity. Round your answers to one decimal place. Line Item Description Answer a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity