Prepare closing entries of Incorporation G as of December 31, current year.

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Answer 1

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Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

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Question:Financial Account - 21-69 The following absorption costing income statement and additional data are available from the accounting records of Bernon Co. for the month ended May 31, XXXX. During the accounting period, 17,000 units were manufactured and sold at a price of $60 per unit. There were no beginning inventories. Bernon Co. Absorption Costing Income Statement For the Month Ended May 31, XXXX Sales (17,000 @ $60) Cost of goods sold $ 10,20,000 6,12,000 $ 4,08,000 Selling and administrative expenses 66,000 Income from operations $ 3,42,000 Gross profit Additional Information: Cost Total Cost Number of Unit Cost Manufacturing costs: Variable $ 4,42,000 17,000 $26 Fixed 1,70,000 17,000 10 Total $ 6,12,000 $36 Selling and administrative expenses: Variable ($2 per unit sold) Fixed $ 34,000 32,000 $ 66,000 Total Prepare a new income statement for the year using variable costing.

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Answer 2

Question

Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

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Answer 3

Question

Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

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Answer 4

Question

Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

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Answer 5

Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

Answer 6

Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

Answer 7

Chapter 5, Problem 4E

a.

To determine

Prepare closing entries of Incorporation G as of December 31, current year.

Answer 8

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

Answer 9

b.

To determine

Prepare an after-closing trial balance of Incorporation G.

Answer 10

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

Answer 11

c.

To determine

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Prepare closing entries of Incorporation G as of December 31, current year.

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Prepare closing entries of Incorporation G as of December 31, current year.

Prepare an after-closing trial balance of Incorporation G.

Compare the balance of retained Earnings reported in the Post-closing trial balance with the balance reported in the adjusted trial balance and explain the reason for the difference in the two balances.

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