Question

Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report:


The firm’s statement of retained earnings indicates that a $6,000 cash dividend was declared and paid during 2011.
Prepare the necessary closing entries on December 31, 2011.
If the firm’s Retained Earnings account had a $92,000 balance on January 1, 2011, at what amount should Retained Earnings be reported in the firm’s balance sheet dated December 31,2011?


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  • CreatedApril 17, 2014
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