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? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit

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? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit

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...

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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 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
The ledger of AISExperts Inc. contained the following balances after adjustment, but before closing, on December 31, 2021, the end of the current year. This means the below account balances are normal balances: Accounts payable 80400 Accounts receivable 115580 Sales returns and allowances 20000 Accumulated depreciation – equipment 27540 Depreciation expense 800 Interest revenue 1100 Unearned sales revenue 2000 Cash 75470 Common stock (10,000 shares outstanding) 100000 Sales discounts 12000 Cost of goods sold 632150 Dividends declared 18100 Equipment 140450 Insurance expense 4500 Dividends payable 2000 Allowance for doubtful accounts 9500 General expenses 114250 Interest expense 4600 Merchandise inventory 154250 Prepaid insurance 12325 Retained earnings ? Marketable securities 10000 Dividend revenue 10000 Treasury stock 1000 Salaries payable 18560 Sales 1018250 Selling expenses 140210 a statement of retained earnings
Presented below is the adjusted trial balance of TechCheck Corp. Prepare the following: a. Statement of Retained Earnings Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building 1,400,000 Accumulated Deperciation - Building 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 45,000 250,000 1,000,000 Common Stock Par $ 0.01 10,000 APIC (Additional Paid in Capital in Excess of Par) Retained Earnings 1,990,000 3,425,000 Dividends Decdared - Common $ 400,000 Sales 14,400,000 Sales Discounts 180,000 Sales Returns and Allowances 2$ 210,000 Cost of Goods Sold (COGS) Selling Expenses 5,350,000 1,300,000 Administrative Expenses $ 650,000 Investment Revenue 150,000 Income Tax Expense $…
The following items are taken from the adjusted trial balance of Westley Company for the month ending July 31, 2021: Accounts payable Accounts receivable Accumulated depreciation - equipment Cash Common Stock Depreciation expense Equipment Retained earnings 7/1/21 Service revenue Supplies $2,000 3,300 8,000 2,600 30,000 2,000 54,000 22,000 33,000 1,200 Prepare the current assets section of Westley's classified balance sheet. (List Current Assets in order of liquidity) WESTLEY COMPANY Balance Sheet (Partial) Assets $
The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Additional Information: Debits $ 43,000 92,000 117,000 80,000 156,000 390,000 111,000 30,000 50,000 $ 1,069,000 Credits $ 28,000 118,000 43,000 83,000 38,000 340,000 5,000 380,000 34,000 $ 1,069,000 1. The $156,000 balance in the land account consists of $118,000 for the cost of land where the plant and office buildings are located. The remaining $38,000 represents the cost of land being held for speculation. 2. The $80,000 balance in the investment in equity securities account represents an investment in…
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
Given the following adjusted trial balance, what will be the amount of Retained Earnings on a post - closing trial balance? Illustration of a list of accounts taken from an adjusted trial balance. Cash $9,000, Accounts receivable 14, 400; Equipment 16, 200; Accumulated depreciation - equipment 5,400; Accounts payable 7, 200; Unearned service revenue 1, 800; Common stock 3, 600; Retained earnings 5, 400; Service revenue 32, 400; Salaries and wages expense 10,800; Travel expense5,400 Select answer from the options below S16, 200 $21, 600 $5,400 $23,400
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which of the following accounts would be closed at the year end.as.part of the closing entries process? retained earnings account payable dividends cash
a. Prepare the T-accounts for Retained Earningsand Income Summary b. Prepare the Post-closing Trial Balanceand keep the order of accounts