Below are excerpts from the work sheets of two businesses as at March 31, 2014. Those rows
Question:
Required
Do the following for each business:
1. Identify the net income or net loss for the year ended March 31, 2014.
2. Prepare the entry to close the Income Summary account to capital.
3. Calculate the post-closing balance in capital at March 31, 2014.
a.
b.
Transcribed Image Text:
Balance Sheet and Statement of Income Statement Changes in Equity Debit Debit Credit Credit 263,700300,500 357,300 320,500 36,800 300,500 300,500 357,300 357,300 SO 36,800 The adjusted balances in withdrawals and capital were $17,000 and 363,000, respectively Balance Sheet and Statement of Income Statement Changes In Equity Credit Debit Credit Debit 540,000480,000 945,000 1,005,000 540,000 40,000 1,005,000 1,005,000 The adjusted balances in withdrawals and capital were 60,000 60,000 $0 and $114,000, respectively
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
1 a Income 36800 2 3 1 2 3 a Mar 31 Income Summary Capital To close the income ...View the full answer
Answered By
Salmon ouma
I am a graduate of Maseno University, I graduated with a second class honors upper division in Business administration. I have assisted many students with their academic work during my years of tutoring. That has helped me build my experience as an academic writer. I am happy to tell you that many students have benefited from my work as a writer since my work is perfect, precise, and always submitted in due time. I am able to work under very minimal or no supervision at all and be able to beat deadlines.
I have high knowledge of essay writing skills. I am also well conversant with formatting styles such as Harvard, APA, MLA, and Chicago. All that combined with my knowledge in methods of data analysis such as regression analysis, hypothesis analysis, inductive approach, and deductive approach have enabled me to assist several college and university students across the world with their academic work such as essays, thesis writing, term paper, research project, and dissertation. I have managed to help students get their work done in good time due to my dedication to writing.
5.00+
4+ Reviews
16+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
The adjusted trial balance from the March work sheet of O'Neill Systems follows: Required 1. Journalize the closing entries of O'Neill Systems at March 31, 2014. Include explanations. 2. How much net...
-
The adjusted trial balances of Falcon Corporation at March 31, 2014, and March 31, 2013, include these amounts (in millions): Falcon completed these transactions (in millions) during the year ended...
-
The adjusted trial balance of Griffith Corporation at March 31, 2014, follows. Requirements 1. Prepare Griffith Corporations 2014 single step income statement, statement of retained earnings, and...
-
The combined sewer system in city ABC is comprised of two parallel interceptors referred to as "North" and "South" lines. The southern line is connected to a newly built wastewater treatment plant....
-
What are the things that help Web pages rank higher in the search engine results?
-
Review the mandatory arbitration agreement to which all customers of AT&T agree, the attached Terms of Service contract. make a memorandum addressed to me in which you perform the following tasks:...
-
The table below reports the unemployment rate, labor force participation rate, and (working-age) population for the United States in January 2008, 2011, and 2016. Using the data, answer the following...
-
Eric Inman and Darcy Getz are both cash register clerks for Farmer Johns Markets. Nancy McNeil is the store manager for Farmer Johns Markets. The following is an excerpt of a conversation between...
-
Use the following information for Cookies, Inc. to prepare an Income Statement, Statement of Changes in Stockholders' Equity and Balance Sheet at the end of the current year on this form. Common...
-
As an investment advisor for MREAF (Momentum Real Estate Advisory Fund), you are about to make a presentation to the portfolio manager of the ET&T pension fund. You would like to show what would have...
-
Calculate (to two decimal places) the current ratio in each of the following cases and indicate whether it is Favourable (F) or Unfavourable (U) (assuming that the current ratio for the industry is...
-
These partially completed Income Statement columns from a 10-column work sheet are for the Winston Sail'em Boat Rental Company for the year ended December 31, 2014. Use the information to determine...
-
Deer Lake Inc. uses a job order costing system with manufacturing overhead applied to products at a rate of 150% of direct labor cost. Find the missing amounts by treating each case independently....
-
What role does supplier relationship management play in fostering strategic partnerships and collaborative innovation within supply networks, particularly in industries characterized by rapid...
-
Evaluate the four traits of organizational learning and provide examples of how learning and change can impact one another. How important do you think is the four traits of organizational learning?
-
You work for a full -service marketing research firm based in downtown Ottawa that does focus groups using Recollective, online surveys with a panel of 100,000 people, and telephone surveys with a...
-
What measures can be implemented to address the growing cybersecurity threats targeting supply chain infrastructure, safeguarding critical assets and sensitive information against data breaches and...
-
What you learned in Advance program management class. How will this information help you determine if program management is a concept your organization will adopt? Do you believe this will be a...
-
Simplify the given expressions involving the indicated multiplications and divisions. 11 x 13 33
-
Discuss the concept of the looking-glass self. how do you think others perceive you? do you think most people perceive you correctly?
-
The following journal entries are recorded in Kiera Co.s process cost accounting system. Kiera produces handbags and scarves. Overhead is applied to production based on direct labor cost for the...
-
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in...
-
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in...
-
Assume you have a portfolio consisting of a $400,000 investment in stock A and a $600,000 investment in stock B. Suppose that the daily volatilities of these two assets are 2% and 1.5%, respectively,...
-
What is the role of education in promoting social mobility and reducing inequality, and how can educational systems be reformed to better serve diverse populations while preparing individuals for the...
-
A European call option and put option on a non-dividend paying stock both have a strike price of $51 and an expiration date in 6 months. The put sells for $2.50 and the call sells for $2. The...
Study smarter with the SolutionInn App