Critz Company was started on January 1, Year 1. During the month of January, Critz earned $8,600 of revenue and incurred $5,000 of expenses. During the remainder of Year 1, Critz earned $72,000 and incurred $62,000 of expenses. Critz closes its books on December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1, Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2. Complete this question by entering your answers in the tabs below. Required A Reguired B Required C Required D Required E Required F

Critz Company was started on January 1, Year 1. During the month of January, Critz earned $8,600 of revenue and incurred $5,000 of expenses. During the remainder of Year 1, Critz earned $72,000 and incurred $62,000 of expenses. Critz closes its books on December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1, Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2. Complete this question by entering your answers in the tabs below. Required A Reguired B Required C Required D Required E Required F

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.2P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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