Homework Answers
At the year end all the Income and Expenses that are related to the business are transfered to Income Summary Account and as the revenue is 20200(having credit balance) and the expenses that are actually related to the business are 17300(having debit Balance) the income and summary account will have 2900 credit balance.(20200-17300=2900).
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) Revenues total $20,200, expenses total $17,300, and the owner's withdrawals account balance of $2,600. What...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal document required by the Canada Revenue Agency. C) formal document required by creditors. D) multicolumn document used by accountants to aid in the preparation of the financial statements. 2) All of the following are listed on a worksheet except: A) a debit and credit column for a statement of owner's equity. B) a debit and credit column for an income statement. C) a debit...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a d...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited Dj None of these are correct. 72) The Income Summary account debited and the expense accounts credited would be the result of Al closing the income Summary account--there is a net income. B) closing the revenue accounts c) closing the income Summary accounts - there is a net loss. D) closing the expense accounts 73)...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete Capri Company began the current period with a $40,000 credit balance in the K....
please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited Dj None of these are correct. 72) The Income Summary account debited and the expense accounts credited would be the result of Al closing the income Summary account--there is a net income. B) closing the revenue accounts c) closing the income Summary accounts - there is a net loss. D) closing the expense accounts 73)...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
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