Critz Company was started on January 1, Year 1. During the month of January. Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Requlred 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 end Exn
Critz Company was started on January 1, Year 1. During the month of January. Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz eamed $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Requlred 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 end Exn
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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