Horngren's Financial & Managerial Accounting, The Managerial Chapters (5th Edition)

5th Edition

ISBN: 9780133851298

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 4, Problem 4.10SE

Posting dosing entries directly to T-accounts

The following balances appear on the books of Brian Kaufman Enterprises: Retained Earnings, $30,000; Dividends, $5,400; Service Revenue, $20,200; Salaries Expense, $6,800; Rent Expense, $3,000; Advertising Expense, $3,200. All accounts have normal balances.

Requirements

1. Open a T-account for each account, and insert its adjusted balance as given (denote as Adj. Bal.) at December 31.
2. Post the closing entries to the accounts, denoting posted amounts as Clos.
3. Compute the ending balance of Retained Earnings.

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Chapter 4, Problem 4.9SE

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Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Plug Products Spark Filter Company Credit Debit Credit Debit Cash and Accounts Receivable $ 146,000 $ 95,000 Inventory 236,000 119,000 Buildings and Equipment (net) 288,000 187,000 Investment in Spark Filter Company 267,789 Cost of Goods Sold 172,000 137,000 Depreciation Expense 40,000 30,000 Current Liabilities $ 170,147 $ 53,947 Common Stock 192,000 73,000 Retained Earnings 460,000 216,000 Sales 275,053 225,053 Income from Spark Filter Company 52,589 Total $ 1,149,789 $ 1,149,789 $ 568,000 $ 568,000 On January 1, 20X8, Plug's inventory contained filters purchased…

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Chapter 4 Solutions

Horngren's Financial & Managerial Accounting, The Managerial Chapters (5th Edition)

Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...

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Solution Summary: The author explains that closing entries are journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts.

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