The following account balances were taken from the adjusted trial balance of Kendall Company:$23,60015,4004,90017,400RevenuesOperating ExpensesDividendsRetained EarningsWhat is the Retained Earnings account balance that will be included on the post-closing trial balance?Multiple Choice$25,600.$8,200.$20,700.$3,300.

Net income = Revenue - Operating expenses Net income = $23,600 - $15,400 Thus, net income = $8,200…

The following account balances were taken from the adjusted trial balance of Kendall Company: Revenues $23,600 Operating Expenses 15,400 Dividends 4,900 Retained Earnings 17,400 What is the Retained Earnings account balance that will be included on the post-closing trial balance?

The following account balances were taken from the adjusted trial balance of Kendall Company: Revenues $23,600 Operating Expenses 15,400 Dividends 4,900 Retained Earnings 17,400 What is the Retained Earnings account balance that will be included on the post-closing trial balance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following information was taken from Logsden Manufacturing's trial balances as of December 31,…

A: The Gross Profit Margin Ratio is calculated by dividing Gross Profit by Net Sales. In other words it…

Q: This is a partial adjusted trial balance of Orlando Corporation: ORLANDO CORPORATION Partial…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: The following adjusted trial balance was drawn from the records of the Dakota Company Adjusted Trial…

A: Trial balance:— It is the statement that shows list of final ending balances of all ledger accounts…

Q: The year-end adjusted trial balance included the following account balances: Cash, $7,000;…

A: Debit = Cash (Asset), Equipment (Asset), Dividends (Expense), Salaries Expense (Expense) and…

Q: Capri Company began the current period with a $45,000 credit balance in the K. Capri, Capital…

A: Closing entries are required to close the temporary accounts after making financial statements…

Q: From the following Company R adjusted trial balance, prepare the following: Income Statement…

A: Financial Statement: Financial statements are written records that convey the business activities…

Q: The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period…

A: Expenses=Depreciation+Insurance+Supplies=$1,168+$631+$3,679=$5,478

Q: The F. Mercury, Capital accoun O a. Debit Expense account O b. Credit Expense accour Oc Debit…

A: Expenses -An expense is the operational cost incurred by a business in order to make money. As long…

Q: Based on the account balances below, what is the total of the debit and credit columns of the…

A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…

Q: The following selected accounts and balances were taken from the adjusted trial balance of CV…

A: A closing journal entry is an entry passed at the end of the accounting period. The entry is passed…

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: Regal Beast inc. has year-end account balances of Sales Revenue $849,160, Interest Revenue $13,500,…

A: A closing journal entry is an entry passed at the end of the accounting period. The entry is passed…

Q: Unadjusted Trial Balance Debit 1,045 4,300 250 12,420 2,350 2,200 2,800 415 25,780 Credit 1,840…

A: The financial statements of the business are prepared using the adjusted trial balance. The net…

Q: The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Given :Service revenue = $ 850000Salaries expense = $ 380000Rent expense = $ 140000Interest expense…

Q: From the following Company A adjusted trial balance calculate the net income (loss). Company…

A: Solution:- Calculation of net income or loss as follows under:- Net income:- It is companies…

Q: Below is a partial portion of Jolex’s adjusted trial balance. Cash 14,089 Accounts Payable 5,529…

A: Ending Retained Earnings = Beginning Retained Earnings + Revenue - Expenses

Q: The following pre-closing accounts and balances were drawn from the records of Carolina Company on…

A: Definition: Balance sheet: To know financial position of the business on particular date balance…

Q: Required: After the closing process has been completed, answer the following questions:

A: Companies close their books of accounts at the end of the accounting period. Closing the books means…

Q: The year-end adjusted trial balance of Hilltoppers Corporation included the following account…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: debit to Income Summary of:

A: It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…

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: The adjusted trialbalance prepared as of December 31, for Phyllis Howell & Company, Consultant,…

A: Closing entries are prepared by the company at the end of an accounting year to close the temporary…

Q: Szabo Inc. has the following general ledger account balances at December 31, 2019: Dividends…

A: The objective of this question is to calculate the balance in the Retained Earnings account after…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Given :Service revenue = $ 860000Salaries expense = $ 382000Rent expense = $ 142000Interest expense…

Q: The following table shows the balances from various accounts in the adjusted trial balance for…

A: Discontinued Operations refers to parts of a company's core business or product line that have been…

Q: As of January 1, Retained Earnings had a credit balance of $42,500. During the year, dividends…

A: The net income that the business accumulates over time, less any dividends or payouts to…

Q: The following account balances were taking from the adjusted trial balance for laser messenger…

A: Income statement is one of the important statements prepared in financial statements. It provides…

Q: The following information is available from the adjusted trial balance of the Harris Vacation Rental…

A: Statement of retained earnings is one of the financial statements that shows change in amount of…

Q: The year-end adjusted trial balance of Hilltoppers Corporation included the following account…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: From the following Company A adjusted trial balance, prepare simple financial statements, as…

A: Financial statements are the statements prepared for the purpose of analyzing the company's position…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Record the entry to close revenue accounts : DATE PARTICULARS DEBIT ($) CREDIT ($) DEC 31…

Q: Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial…

A: Closing entries are the entries passed at the end of the reporting period to close the temporary…

Q: Pirates Incorporated had the following balances at the beginning of September.Pirates Incorporated…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: A company reports the following year-end account balances on December 31 (before…

A: Adjusting entries: The entries that are made at the end of an accounting period in accordance with…

Q: Enter the following December 31 normal balances in the first row of T-accounts below: Retained…

A: The objective of the question is to post closing entries to each account's T-account and compute the…

Q: The year-end adjusted trial balance of the Tydne Tool and Die Corporation included the following…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted…

A: A closure entry is a journal entry made at the end of an accounting period that entails moving…

Q: closing entries.

A: Income statement accounts are actually temporary. So, they should be closed at the end of every…

Q: Buckeye Incorporated had the following balances at the beginning of November.BUCKEYE INCORPORATED…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Closing entries are journal entries made at the end of an accounting period to transfer temporary…

Q: The following accounts balances were taken from harris Corporation's year end adjusted trial…

A: A closing journal entry is an entry passed at the end of the accounting period. The entry is passed…

Q: The year-end adjusted trial balance of Hilltoppers Corporation included the following account…

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

Q: The year-end adjusted trial balance of Hilltoppers Corporation included the following account…

A: Trial Balance: Trial balance is a statement of all the general ledger accounts of a business. This…

Q: The following is a listing of some of the balance sheet accounts and all of the income statement…

A: Income from operation = Gross profit - Operating expenses Gross profit = Net sales - Cost of goods…

Question

100%

The following account balances were taken from the adjusted trial balance of Kendall Company:
$23,600
15,400
4,900
17,400
Revenues
Operating Expenses
Dividends
Retained Earnings
What is the Retained Earnings account balance that will be included on the post-closing trial balance?
Multiple Choice
$25,600.
$8,200.
$20,700.
$3,300.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Denton Company showed the following balances at the end of it's first year.Cash: $ 7000Prepaid insurance: $700Accounts receivable: $3500Accounts payable: $2800 Retained earnings: $1000Dividends: $1000Common stock: $400Revenues: $21000 Expenses: $17500What did Denton Company showas total credits on its trial balance? A) $30,000 B) $29, 400 C) $28, 700 D) $30,000
The following information Is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues $195,000 93,600 Total expenses Retained earnings 124,800 Dividends 23,400 Multiple Choice $101,400 $202,800. $93,600. $226,200. 10 of 10 Next < Prev
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
The following are income and expense items on the adjusted trial balance of NW Company: Account Debit Credit Fees Earned $18,944 Rent Expense 5,500 Wages Expense 6,178 Miscellaneous Expense 340 Which of the following will be included in the first closing entry? a.Debit to Retained Earnings for $18,944 b.Debit to Retained Earnings for $6,926 c.Credit to Retained Earnings for $18,944 d.Credit to Retained Earnings for $6,926
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $230,000; Service Revenue, $900,000; Salaries Expense, $390,000; Rent Expense, $150,000; Interest Expense, $85,000; and Dividends, $60,000. Record the necessary closing entries.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $9,000; Dividends $800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare its December 31 closing entries. 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close the income summary account. 4 Record the entry to close the dividends account.
Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $18,000; Dividends $2,000; Services Revenue $33,000; Salaries Expense $25,000; Rent Expense $3,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. (1) Prepare the December 31 closing entries for Cruz Company. Assume the account number for Income Summary is 901. (2) Prepare the December 31 post-closing trial balance for Cruz Company. Note: The A. Cruz, Capital account balance was $47,600 on December 31 of the prior year.
Provide journal entry for the following transaction: The following is taken from Adjusted Trial Balance of Company. Provide journal entry to close related revenue accounts. Accounts Debit Credit Sales Revenues 160,000 Sales Return 4,000 5,000 80,000 40,000 Interest Expense Cost of Goods Sold Salaries and Wages Expense Losses due to fire 8,000 10,000 Dividends
Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends OA. $35,350 OB. $35,850 OC. $29,350 OD. $32,350 Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends $1,500 8,100 500 28,500 OA. $35,350 OB. $35,850 C. $29,350 OD. $32,350 3,000 3,000 $3,000 1,400 950 400 3,500 $3,000 1,400 950 400 3,500 Service Revenue Salaries Expense 20,000 Supplies Expense 2,300 2,100 Depreciation Expense-Equipment Total $66,000 What will the balance of the Retained Earnings account be after the closing entries are posted? 56,750 $66,000
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $24,320 Supplies Expense 4,560 Accounts Receivable 9,120 Dividends 16.720 Retained Earnings 53,200 Service Revenue 82,080 Salaries and Wages Expense 30,400 Utilities Expense 6,080 Rent Expense 13,680 Prepare the remaining closing entries at December 31. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31 (To close revenue account to Income Summary) (To close expense accounts to Income Summary) (To close net income to retained earnings) (To close dividends to retained earnings) Debit Credit
Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted: Adjusted Trial Balance Асcount Debit Credit Cash $22,900 Prepaid Insurance $4,000 Fixed Assets $44,000 Notes Payable $40,000 Common Stock $25,000 Retained Earnings $48,350 Dividends $22,000 Sales Revenue $150,000 Automobile Expense $26,500 Insurance Expense $20,000 Salaries Expense $122,500 Supplies Expense $1,450 $263,350 $263,350 PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Post-Closing Trial Balance Асcount Debit Credit