The ledger of Martinez Company contains the following balances: Retained Earnings $31,000, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends.

The ledger of Martinez Company contains the following balances: Retained Earnings $31,000, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends.

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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The ledger of Martinez Company contains the following balances: Retained Earnings $31,00O, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the balances in T-accounts, and post the closing entries. Salaries and Wages Expense Supplies Expense Service Revenue Dividends Income Summary Retained Earnings >
White Corporation began operations on January 1, 2018. The following information is available for White Corporation on December 31, 2018. Prepare an income statement, a retained earnings statement, and a balance sheet for White Corporation. Accounts payable $ 4,000 Notes payable $ 6,000 Accounts receivable 2,000 Rent expense 11,000 Advertising expense 4,000 Retained earnings ? Cash 2,100 Service revenue 25,000 Common stock 15,000 Supplies 1,900 Dividends 2,500 Supplies expense 1,700 Equipment 24,800
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
After the accounts have been adjusted at March 31, the end of the fiscal year, the following balances were taken from the ledger of Zuhoor Muscat Company: Share capital: RO 1,500,000; Dividends: RO 112,000; Sales Revenue: RO 550,000; Salaries Expense: RO 276,105; Rent Expense: RO 53,580%; Supplies Expense: RO 28,600; Miscellaneous Expense RO 3,963. After closing off all the revenue and expense accounts, the Income Summary account will show a balance of: a. None of the options are correct O b. RO 148,842 O c. RO 199,052 O d. RO 187,752 O e. RO (149.208) NEXT PAGE pe here to search by us 10 S acer
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?
Record the following selected transactions for April.
. White Corporation began operations on January 1, 2018. The following information is available for White Corporation on December 31, 2018. Accounts payable $ 4,000 Notes payable $ 6,000 Accounts receivable 2,000 Rent expense 11,000 Advertising expense 4,000 Retained earnings ? Cash 1,100 Service revenue 25,000 Common stock 15,000 Supplies 1,900 Dividends 23,500 Supplies expense 1,700 Equipment 24,800 Prepare a retained earnings statement. I attempted but no retained earnings and do I deduct the common stock even though it does not state common stock dividend?
The following is a list of accounts, in alphabetical order, for Crane Ltd. at December 31, 2024. All accounts have a normal balance. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Depreciation expense Dividends declared Equipment $3,900 8,900 6,400 24,400 9,800 4,600 4,400 6.900 14,800 < Income tax expense Office expense Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Assets $1,220 ta 6,800 S 4,400 26.320 11,500 5,400 36.400 CRANE LTD. Statement of Financial Position 5,900 3,600 Liabilities and Shareholders' Equity $
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
As of January 1, Retained Earnings had a credit balance of $61,100 . During the year, dividends totaled $1,600 , and the business incurred a net loss of $85,500 .\\na. Compute the balance of Retained Earnings as of the end of the year.\\nDebit (negative) balance ✓✓ $ ,x .\\nb. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance?\\nFeedback\\nCheck My Work\\na. Set up a T account for the retained earnings account. Retained Earnings accounts have normal credit balances. Net income, net losses an dividends are all adjustments to retained earnings.\\nb. Each properly recorded transaction that affects retained earnings must maintain the double-entry accounting system and the equality of the accounting equation: Assets = Liabilities + Stockholders' Equity.
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The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…