The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account? Net income $135,700 Retained earnings Dividends 128,000 50,000 Multiple Choice $1122.300. $263,700. $299,400. $213,700.

The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account? Net income $135,700 Retained earnings Dividends 128,000 50,000 Multiple Choice $1122.300. $263,700. $299,400. $213,700.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the year ended December 31. A company had services revenue of $19,1000 and wages expenses of $114,600,Dividends of $38,200 were paid during the year. Which of the following entries could not be a closing entry? Debit Income Summary $76,400; credit Retained Earnings $76.400 Debit Retained Earnings $38,200: credit Dividends $38,200. > Debit Income Summary $191,000: credit Services Revenue $191,000. Debit Services Revenue $191,000; credit Income Summary $191,000 Debit Income Summary $114,600; credit Wages Expense $114,600.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $10,000; D. Mai, Withdrawals $1,300; Services Revenue $23,000; Wages Expense $13,400; and Rent Expense $3,600. Prepare its December 31 closing entries. View transaction list ¡ No 1 2 3 4 Date View journal entry worksheet December 31 December 31 December 31 December 31 Services revenue Income summary Income summary Wages expense Rent expense Income summary D. Mai, Capital D. Mai, Capital D. Mai, Withdrawals General Journal Debit 23,000 17,000 6,000 1,300 Credit 23,000 134,000 3,600 ********* Ⓒ 1,300
The following end-of-year account balance information is from the accounting records of June Company. Use these data to prepare the closing entries for the year. Cost of Goods Sold $9,000 Accounts Payable 1,100 Paid-in Capital 2,000 Cash 400 Sales 10,000 Dividends 700 Retained Earnings (beginning) 1,000 Inventory 4,000 Which ONE of the following would appear in the closing entries for the year? CREDIT to Cost of Goods Sold for $9,000 DEBIT to Paid-in Capital for $2,000 CREDIT to Sales for $10,000 DEBIT to Accounts Payable for $1,100
The following table contains financial information for Trumpeter Inc. before closing entries: Cash Supplies Prepaid Rent Salaries Expense Equipment Service Revenue Miscellaneous Expenses Dividends Accounts Payable Common Stock Retained Earnings What is Trumpeter's net income? $13,400 6,000 3,600 4,800 66,000 29,100 21,700 3,100 4,300 67,300 17,900
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d-1. Record the closing entries in the general journal (and post them to the T-accounts).d-2. What is the amount of net income for the year?
The ledger of Mai Company includes the following accounts with normal balances: Common Stock $11,000; Dividends $1,800; Services Revenue $33,000; Wages Expense $18,400; and Rent Expense $5,600. Prepare the necessary closing entries from the available information at December 31.
Shalett Interiors has the following account balances at the end of the year. Use only the appropriate accounts to prepare a balance. sheet. Accounts Equipment Accounts Payable Common Stock Service Revenue Cash Retained Earnings Salaries Expense Notes Payable otal assets Assets Balances $74,200 8,300 24,000 51,900 9,600 7 36,700 27,100 SHALETT INTERIORS Balance Sheet December 31 Total liabilities Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity
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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.
attached below is the question Provide closing entries and t accounts
The following information is provided for Sacks Company before closing entries. $ 13,100 5,600 3,100 5,600 66,100 34,400 21,100 4,100 Cash Supplies Prepaid rent Salaries expense Equipment Service revenue Miscellaneous expenses Dividends Accounts payable Common stock Retained earnings What is the amount of total shareholders' equity? Multiple Choice O $87,900 $81,800 $6,100 $69,600 6,100 69,100 12,700