Cash $80,000 Accounts Receivable $20,000 Prepaid Insurance $10,000 Fees Earned $40,000 Dividends $2,000 Salaries Expense $15,000 Rent Expenses $13,000 Accounts Payable $20,000 Notes Payable $10,000 Depreciation Expense $5,000 Unearned Revenue $2,000 Common Stock $200,000 Retained Earnings $140,000 Sales Revenue $5,000 *The retained earnings balance listed above is the beginning retained earnings balance. Record the closing journal entries. What is the retained earnings balance after the closing entries?

Cash $80,000 Accounts Receivable $20,000 Prepaid Insurance $10,000 Fees Earned $40,000 Dividends $2,000 Salaries Expense $15,000 Rent Expenses $13,000 Accounts Payable $20,000 Notes Payable $10,000 Depreciation Expense $5,000 Unearned Revenue $2,000 Common Stock $200,000 Retained Earnings $140,000 Sales Revenue $5,000 *The retained earnings balance listed above is the beginning retained earnings balance. Record the closing journal entries. What is the retained earnings balance after the closing entries?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cash $ 152,000 Liabilities Accounts receivable 1,308,720 Accounts payable $ 763,800 Raw materials inventory 374,300 Loan payable 12,000 Finished goods inventory 1,237,052 Long-term note payable 1,900,000 $ 2,675,800 Equipment $ 2,280,000 Equity Less: Accumulated depreciation 570,000 1,710,000 Common stock 1,273,000 Retained earnings 833,272 2,106,272 Total assets $ 4,782,072 Total liabilities and equity $ 4,782,072 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 77,900 units. Budgeted sales in units follow: April, 77,900; May, 74,100; June, 76,000; and July, 77,900. The product’s selling price is $24.00 per unit and its total product cost is $19.85 per unit. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month’s ending materials inventory to equal 50% of the next month’s direct materials…
December 31, 2025 Cash $45,000 Notes payable (short-term) $50,000 Receivables $110,000 Accounts payable 32,000 Less: Allowance 15,000 95,000 Accrued liabilities 5,000 Inventory 170,000 Common stock (par $5) 260,000 Prepaid insurance Land 8,000 Retained earnings 141,000 20,000 Equipment (net) 150,000 $488,000 $488,000 CARVER INC. Income Statement For the Year Ended December 31, 2025 Sales revenue $1,400,000 Cost of goods sold Inventory, Jan. 1, 2025 $200,000 Purchases 790,000 Cost of goods available for sale 990,000 Inventory, Dec. 31, 2025 (170,000) Cost of goods sold 820,000 Gross profit on sales Operating expenses Net income $580,000 170,000 $410,000 (a) Compute the following ratios or relationships of Carver Inc. Assume that the ending account balances are representative unless the information provided indicates differently. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (1) Current ratio (2) Inventory turnover (3) Accounts receivable turnover (4) Earnings per share (5)…
Use the following table: Case X Case Y Case Z Cash $ 940 $ 1,470 $ 1,940 Short-term investments 0 0 780 Receivables 0 1,690 1,360 Inventory 3,400 1,560 6,520 Prepaid expenses 2,600 1,020 1,460 Total current assets $ 6,940 $ 5,740 $ 12,060 Current liabilities $ 3,600 $ 1,800 $ 5,750 Required:Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.)
QUESTION 7 Presented below are the comparative December 31 financial statemenes for Dubai Industries, Inc. tin s Millions). Prepare a statement of cash flows for December 31, Year 2 uning the indirect method. Dubai Iedustries, Inc Balance Sheets A: December 31, Year 2 and Year 1 Year 2 Year1 Cash S96,719 Accounts Recetvable 100,000 85.313 Inventory 206.250 181.250 Prepaid Imsurance Land. Buildings, and Equipment 2.500 1.562.300 1406.250 Accumulated Depreciation (762,500) (715.000 Investments 10.20 Total Assets 1225 219 Accounts Payable Salartes Piryahle 25.000 3025 Notes Payable 31.250 第750
EZ CASH FLOW CASH ACCOUNTS PAYABLE JOHNSON CAPITAL CASH 82.000 F 100.000 20.000 I 4.000 3.000 100.000 АСCTSREC 15.000 15.000 10.000 O 10.000 106.000 9.000 EQUIP 3.000 F 6.000 ACC DEPR 82.000 ACCTSPAY 6.000 EXPENSES REVENUE J CAP ACCOUNTS RECEIVABLE CLOSING: 20.000 20.000 3.000 30.000 REV 27.000 15.000 REVENUE 30.000 EXP EXPENSES 20.000 27.000 DEPR EXP 15.000 DEPR EXPENSE 1.000 82.000 48.000 J CAPITAL 9.000 DEPRECIATION EXPENSE EQUIPMENT 1.000 1.000 20.000 20.000 Note: enter the drawing as a debit to the capital account. There are three types of cash flows: ACCUM. DEPR EQ. 1 OPERATING: cash flows from revenues and expenses. 1.000 1.000 2 INVESTINIG: cash flows from purchasing or selling assets. 3 FINANCING: cash flows from owner's investment or withdrawals. CASH FLOW STATEMENT TRANSACTIONS-Using your pencil, write each debit and credit into the T-accounts above. Cash Flows from Operations 1 Sally Johnson invested $100,000 in her business, Sally's Consulting. 2 Sally purchased equipment…
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
Cash $59,000 $23,500 Accounts receivable 43,000 25,500 Inventory 50,000 29,500 Prepaid expenses 18,500 34,000 Long-term investments 0 42,000 Equipment 97,500 45,500 Accumulated depreciation—equipment (45,000) (27,500) Total assets $223,000 $172,500 Liabilities and Stockholder's Equity Accounts payable $42,000 $19,500 Bonds payable 48,500 70,000 Common stock 65,000 35,500 Retained earnings 67,500 47,500 Total liabilities and stockholders' equity $223,000 $172,500 Additional information: 1. Net income for the year ending December 31, 2022 was $47,500. 2. Cash dividends of $27,500 were declared and paid during the year. 3. Long-term investments that had a cost of $42,000 were sold for $26,500.…
QUESTION 8 Presented below are the comparative December 31 financial statements for Dubai Industries, Inc. Cin s Millions). Prepare a statement of cash flows for December 31, Year 2 using the indirect method. Dubai Industries, Ine Balance Sheets At December 31. Year 2 and Year 1 Year 2 196,719 Year 1 $28,694 Cash Accounts Receivable 100,000 a5,313 Inventory 206.250 181.250 Prepaid Insurance 1,875 2.500 Land, Buildings, and Equipement 1,562,500 1,406.250 Accumulated Depreciation 762.500) 715.000) 106 20 193A 11 224 212 Investments Total Assets Accounts Payable 195.425 $18S,838 Salaries Pavable 25.000 30.625
Cash $ 89,600 Accounts receivable 64,000 Prepaid insurance 10,400 Equipment 720,000 Accumulation depreciation $ 168,000 Accounts payable 18,400 Common stock 325,600 Retained earnings 138,000 Service revenue 840,000 Miscellaneous revenue 16,400 Salaries expense 456,000 Rent expense 65,600 Insurance expense 14,400 Depreciation expense 33,600 Income tax expense 102,400 Income tax payable 49,600 $1,556,000 $ 1,556,000 Prepare an income statement. Prepare closing entries in journal entry form.After Purrfect Pet’s closing entries are posted, what is the balance in the Retained Earnings account?
Problem 84 (LAA) Summa Company revealed the following account balances on December 31, 2020 Accota payable Accounta receivable, net of allowance for doubtful accounts PS0.000 Accrued taxes Aecrued interest receivable Autherined sbare capital, 60,000 aharea. P100 par Building, net ofaccumulated depreciation of P500,000 3,000.000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net ofaccumulated depreciation of P900,000 Iaventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes reoeivable Patent Ocher accrued liabilities Prepaid expenses Share premium Retained earninge appropristed for contingencies Retained eantings Share ubecription receivable Subscribed share capital E000 shares Unianoed share capital 1000,000 50.000 30,000 5,000.000 50.000 650.000 2000.000 1,500,000 1,200,000 700.000 1,000,000 650.000 2.000.000 850.000 200,000 370,000 150,000 100,000 300,000 200,000 2.700,000 500,000 L000,000 2.000,000 Required:…
Current Year Previous Year Current assets: Cash $655,500 $520,000 Marketable securities 759,000 585,000 Accounts and notes receivable (net) 310,500 195,000 Inventories 643,500 475,800 Prepaid expenses 331,500 304,200 Total current assets $2,700,000 $2,080,000 Current liabilities: Accounts and notes payable (short-term) $435,000 $455,000 Accrued liabilities 315,000 195,000 Total current liabilities $750,000 $650,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to place.
Cash $20,000 $60,000 $160,000 Accounts Receivable Inventory Long-term Assets Accounts Payable $400,000 $60,000 $20,000 $140,000 Wages Payable Long-term Liabilities Calculate the company's working capital.