The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $ 17,350, Salaries and WagesExpense $ 9,000, Maintenance and Repairs Expense $ 2,850, and Income Tax Expense $ 1,290. The statement of retained earningsshows an opening balance for Retained Earnings of $ 22,070 and Dividends $ 1,990. Prepare ciosing journal entries. (if io entry is requirea, seiect No Entry for trie actount tities arna enter v for trie armourits. Creaitaccount titles are automatically indented when the amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJuly 31(To close revenue account)July 31(To close expense accounts)July 31(To close net income/(loss) to retained earnings)

It is pertinent to note that all incomes, expenses are transferred to the profit and loss account.…

Answered: The income statement for the Splish…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The assets and liabilities of Skittles Company at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $119,500 and the retained earnings was $56,500 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,800 in stock. Use this information the answer the questions that follow. Accounts payable $ 1,800 Miscellaneous expense $ 1,020 Accounts receivable 10,600 Office expense 1,260 Cash 18,430 Supplies 1,670 Fees earned 71,570 Wages expense 22,450 Land 46,300 Dividends 15,540 Building 156,900 Prepare a balance sheet for the current year ended March 31. Skittles Company Balance Sheet [ Select ] Assets [ Select ] [ Select ] [ Select ] [ Select 1 %24
Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1: ($ millions) Contributed capital $1,702 Cost of sales 13,567 Cash 1,393 Long-term liabilities 3,719 Accounts receivable 2,662 Other current assets 604 Other long-term assets 2,079 Other current liabilities 1,299 Other operating expenses 1,212 Other non-operating expenses 161 Inventory 1,093 Accounts payable 2,595 Property, net 3,216 Retained earnings 1,209 Sales 16,463 Tax expense 256 Equity income, net of tax 34 Other equity 523 Required: Using the information above, prepare the company’s year-end income statement and a balance sheet.
As of December 31, Year 1, Flowers Company had total assets of $150,000, total liabilities of $45,000, and common stock of $75,000. The company's Year 1 income statement contained revenue of $26,000 and expenses of $16,000. The Year 1 statement of changes in stockholders' equity stated that $2,500 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 1. c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. f. On January 1, Year 2, Flowers Company raised $45,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $150,000. Are the stockholders of Flowers in a…
As of December 31, Year 1, Linton Company had assets of $3,700,000 and liabilities of $1,140,000. During Year 2, the stockholders invested an additional $200,000 and paid dividends of $120,000 from the business. What is the net income for the company during Year 2, assuming that as of December 31, Year 2, assets were $3,920,000, and liabilities were $1,020,000? Select one: O A. $340,000 O B. $260,000 O C. $420,000 D. $ 80,000 O
On January 1, Bonita Corporation's Total Assets were $1,350,000, and Total Liabilities were $565,000. During theyear, Bonita had revenues of $135,000 and expenses of $93,000. On December 31, the company’s Total Assetswere $1,590,000, and Total Liabilities were $778,500. What amount of dividends were paid during the year?
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $118,200 and the retained earnings were $56,900 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,500 in stock. Accounts Amount Accounts Amount Accounts payable $1,980 Miscellaneous expense $1,030 Accounts receivable 10,050 Office expense 1,260 Cash 19,330 Supplies 1,670 Fees earned 72,480 Wages expense 22,360 Land 45,900 Dividends 16,360 Building 156,100 Required: Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Labels and Amount Descriptions Labels Expenses For the Year…
Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year? Cash Accounts Payable Common Stock Cost of Goods Sold Dividends Declared and Paid Operating Expenses Accounts Receivable Inventory Long-term Notes Payable Revenues Salaries Payable net loss of $6,000 net income of $91,000 O net loss of $13,000 O net income of $75,000 $74,000 $12,000 $21,000 $88,000 $12,000 $16,000 $0 $0 $33,000 $98,000 $26,000
A company had a beginning balance in retained earnings of $44,600. It had net income of $7,600 and declared and paid cash dividends of $6,025 in the current period. The ending balance in retained earnings equals:
Baltimore Company reports total assets and total liabilities of $251,000 and $110,000, respectively, at the conclusion, of its first year of business. The company earned $81,500 during the first year and distributed $27,000 to shareholders as dividends. How much did shareholders initially invest in the business?
In its closing financial statements for its first year in business, the Runs and Goes Company, had cash of $242, accounts receivable of $850, inventory of $820, net fixed assets of $3,408, accounts payable of $700, short-term notes payable of $740, long-term liabilities of $1,100, common stock of $1,160, retained earnings of $1,620, net sales of $2,768, cost of goods sold of $1,210, depreciation of $360, interest expense of $160, taxes of $312, addition to retained earnings of $508, and dividends paid of $218. What is the interest coverage ratio for Runs and Goses?
On January 1, Payson Incorporated had a retained earnings balance of $44,000. During the year, Payson reported net income of $32,400 and paid cash dividends of $19,400. Calculate the retained earnings balance at its December 31 year-end. Ending retained earnings
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $921,978 and liabilities of $271,256. During Year 2, stockholders invested an additional $28,729 and received $25,028 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $984,994 and liabilities were $237,611?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS