A company has revenue of 48000 and total expenses of 52000. What are the closing enteries?
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A company has revenue of 48000 and total expenses of 52000. What are the closing enteries?
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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?The F. Mercury, Capital account has a credit balance of $23,8000 before closing entries are made. If total revenues for the period are $75,200. total expenses are $55,000, and withdrawals are $12,600, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? __ $11,200. __ $20,200 __ $31,400. __ S23.800. __ $44,000.Szabo Inc. has the following general ledger account balances at December 31, 2019: Dividends 3,000 Selling expenses 21,000 Service revenue 38,500 Unearned revenue 2,900 Unused supplies 2100 Utilities expense 3,600 Wages expense 6,900 Assuming this is the first year of operations, what is the balance in the RetainedEarnings account after the closing process?
- If the company records revenue over time, how much must be shown as currentasset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000When the "Income Summary" account has a credit account balance of $100,000 after closing entries have been made to it, what does this imply?The net income of Plum Consultancy is $500,000. The company has passed the closing entries for revenue and expense accounts. Which of the following is the closing entry to transfer the net income? a. A debit to Income Summary for $500,000 and a credit to Capital for $500,000 b. A debit to Consulting Revenue for $500,000 and a credit to Capital for $500,000 c. A debit to Capital for $500,000 and a credit to Consulting Revenue for $500,000 d. A debit to Capital for $500,000 and a credit to Income Summary for $500,000
- A company had revenues of $75,000 and expenses of $62,000 for the accounting period. Which of the following entries could not be a closing entry? Income Summary 75,000 Revenues 75,000 Income Summary 62,000 Expenses 62,000 Income Summary 13,000 Retained Earnings 13,000 Revenues 75,000 Income Summary 75,000The RIGHT company has the below information in its Income Statement at the end of the year 2019. For recording the closing entries, the debit amount of the Income Summary account will be Rent Expenses $31,000 Salaries Expenses $66,000 Interest Expenses $2,000 Utilities Expenses $10,000 Depreciation Expense $8,000 Supplies Expenses $18,000 Retained Earnings $70,000 Based on the above information, provide the closing entries.The closing entry for Supplies Expense , with a balance of P 45,000 is
- The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,800 Accounts receivable 2,800 Inventory 5,800 Equipment 11,800 Accumulated depreciation 4,000 Accounts payable 3,800 Common Stocks…Bava Consulting has the following account balances at December 31, the end of its fiscal year. Service Fees Earned $85,000Rent Expense $22,000Salaries Expense 50,000Supplies Expense 4,000Depreciation Expense 18,000Retained Earnings 70,000 Set up T-accounts for each account and record the above amounts in each account. Then, post the closing entries to the T-accounts. After theseentries are posted, what is the balance of the Retained Earnings account?At the beginning of the year, a company had an unearned service revenue balance of SAR 12,000. What would the adjusted amount be if the unearned service revenue balance was SAR 2,000 at the end of the year?