I just need answers. Check my workCritz Company was started on January 1, Year 1. During the month of January, Critz earned $8,600 of revenue and incurred $5,000 ofexpenses. During the remainder of Year 1, Critz earned $72,000 and incurred $62,000 of expenses. Critz closes its books onDecember 31 of each year.Requireda. 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.cesRequired ARequired BRequired CRequired DRequired ERequired FDetermine the balance in the Retained Earnings account as of December 31, Year 1, before closing.Retained earningsRequired BRequired D

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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.

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.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1PB

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