Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 5, Problem 10Q
After the first two closing entries are made, Income Summary has a debit balance of $22,750. What does this indicate about the company’s net income or loss?
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Students have asked these similar questions
After the first two closing entries are made, Income Summary has a credit balance of $125,000. What does this indicate about the company’s net income or loss?
The end-of-period lapreadsheet for the current year for Jamal Company shows Balance Sheet columns
with a debit total of $587,320 and a credit total of $538,220. This is before the amount for net income
or net loss has been included. In preparing the income statement from the end-of-period spreadsheet,
what is the amount of net income or net loss?
A
of $
net income
net loss
After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and
Credit columns are $70,800 and $97,750, respectively. What is the amount of the net income or net loss for the period?
Oa. $26,950 of net income
Ob. $26,950 of net loss
Oc. $70,800 of net loss
Od. $97,750 of net income
Chapter 5 Solutions
Principles of Accounting Volume 1
Ch. 5 - Which of the following accounts is considered a...Ch. 5 - Which of the following accounts is considered a...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - Which of these accounts would be present in the...Ch. 5 - Which of these accounts would not be present in...Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which account would be credited when closing the...Ch. 5 - Which account would be credited when closing the...
Ch. 5 - Which of these accounts is included in the...Ch. 5 - Which of these accounts is not included in the...Ch. 5 - On which of the following would the year-end...Ch. 5 - Which of these accounts is included in the...Ch. 5 - If current assets are $112,000 and current...Ch. 5 - If current assets are $100,000 and current...Ch. 5 - Explain what is meant by the term real accounts...Ch. 5 - Explain what is meant by the term nominal accounts...Ch. 5 - What is the purpose of the closing entries?Ch. 5 - What would happen if the company failed to make...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - The account called Income Summary is often used in...Ch. 5 - What are the four entries required for closing,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - What account types are included in a post-closing...Ch. 5 - Which of the basic financial statements can be...Ch. 5 - Describe the calculation required to compute...Ch. 5 - Describe the calculation required to compute the...Ch. 5 - Describe the progression of the three trial...Ch. 5 - Identify whether each of the following accounts is...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate:...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify which of the following accounts would be...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - From the following Company B adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company R adjusted trial...Ch. 5 - From the following Company T adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company S adjusted trial...Ch. 5 - Assume you are the controller of a large...Ch. 5 - Assume you are a senior accountant and have been...
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- After the first two closing entries are made, Income Summary has a credit balance of $125,500. What does this indicate about the companys net income or loss?arrow_forwardThe following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardPrior to its closing, Income Summary had total debits of 1,190,500 and total credits of 1,476,300. Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the 1,190,500 and the 1,476,300.arrow_forward
- The end-of-period spreadsheet for the current year for Jamal Company shows Balance Sheet columns with a debit total of $596,380 and a credit total of $528,790. This is before the amount for net income or net loss has been included. In preparing the income statement from the end-of-period spreadsheet, what is the amount of net income or net loss? of $arrow_forwardThe 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? $110,400 106,000 39,000 Net income Retained earnings Dividends Multiple Choice $110,400. S177400, $216,400 $248,800. S916.600arrow_forwardThe Retained earnings account has a credit balance of $41,000 before closing entries are made. Total revenues for the period are $59,200, total expenses are $41,800, and dividends are $10,600. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Revenue accounts $41,000; credit Retained earnings $41,000. Debit Revenue accounts $59,200; credit Income Summary $59,200. Debit Income Summary $59,200, credit Revenue accounts $59,200. Dahit Roionno arcnunte C5a 200 crelit Rotained earninge 41 000 < Prev 10 of 10 Next e here to search W P 9:40 PM 99% 2/21/202arrow_forward
- After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $76,310 and $99,000, respectively. What is the amount of the net income or net loss for the period? a.$22,690 of net income b.$76,310 of net loss c.$22,690 of net loss d.$99,000 of net incomearrow_forwardAfter all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $72,920 and $90,040, respectively. What is the amount of the net income or net loss for the period?arrow_forwardRegal Beast inc. has year-end account balances of Sales Revenue $849,160, Interest Revenue $13,500, Cost of Goods Sold $566,701, Administrative Expenses $184,900, Income Tax Expense $32,029, and Dividends $18,490. Prepare the year-end closing entries.arrow_forward
- A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,500 Dividends 7,700 Revenue 22,000 Rent expense 2,200 Salaries expense 5,250 Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13.965 debit. $6,265 credit. $14,985 credit. $13,965 credit.arrow_forwardThe Retained earnings account has a credit balance of $51,000 before closing entries are made. Services revenue for the period is $69,200, wages expense is $46,800, and dividends are $14,600. What is the correct closing entry for the expense accounts? Multiple Choice Debit Wages Expense $46,800; credit Income Summary $46,800. Debit Income Summary $46,800; credit Wages Expense $46,800. Debit Wages Expense $51,000; credit Retained Earnings $51,000. Debit Income Summary $46,800; credit Retainedarrow_forwardView Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for the month of March 2020. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,460 6,860 5,900 58,280 Rent expense Sales discounts Sales returns and allowances Sales revenue $30,380 Blue Spruce Corp. Income Statement 7,680 13,120 393,970 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a n e.g.-45 or parentheses e.g. (45).)arrow_forward
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