Business
Financial Accounting
Seminoles Corporation?s fiscal year-end is December 31, 2021. The following

Seminoles Corporation?s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as

Question:

Seminoles Corporation?s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.

Required:1. Prepare the necessary closing entries.2. Calculate the ending balance of Retained Earnings.

Transcribed Image Text:

Accounts Debit Credit Retained Earnings $30,000 $ 3,000 Dividends Service Revenue 50,000 Interest Revenue 6,000 Salaries Expense 15,000 Rent Expense 6,000 Advertising Expense 3,000 Depreciation Expense 11,000 Interest Expense 5,000

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 92% (14 reviews)

Requirement 1 December 31 2021 Debit Credit Service Revenue 50000 Interest Revenue 60...View the full answer

Answered By

Abigael martinez

I have been a tutor for over 3 years and have had the opportunity to work with students of all ages and backgrounds. I have a strong belief that all students have the ability to learn and succeed if given the right tools and support. I am patient and adaptable, and I take the time to get to know each student's individual learning style in order to best support their needs. I am confident in my ability to help students improve their grades and reach their academic goals.

5.00+ 1+ Reviews 10+ Question Solved

Related Book For answer-question

Financial Accounting

ISBN: 978-1259914898

5th edition

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

See More Books

Question Posted: Dec 09, 2019 05:03 AM

See More Questions

Students also viewed these Business questions

Conduit Corporation has 45 current employees: 5 managers and 40 non-managers. The average wage paid is $250 per day for non-managers. The company has just finished negotiating a new employee contract...
By December 31, 2020, Clearing Corp. had performed a significant amount of environmental consulting services for Rank Ltd. Rank was short of cash, and Clearing agreed to accept a $200,000,...
On April 1, 2011, Tran Corporation issued $20 million of 8% bonds, with interest payable on March 31 and September 30 each year. The market yield rate for these bonds on the date of issuance was 6%....
The technique of performance management that establishes and monitors four dimensions of performance: Question 11Answer a. Profit, sales, productivity, and asset management performance b. Financial,...
In the metallurgical process of refining nickel, the metal is first combined with carbon monoxide to form tetracarbonylnickel, which is a gas at 43C: Ni(s) + 4CO(g) Ni(CO)4(g) This reaction...
Explain the meaning of simulation in the context of investment appraisal.
Which types of economic damages are related to digital crimes?
Elm Company had total assets of $640,000 in 2012, $680,000 in 2013, and $760,000 in 2014. In 2013, Elm had net income of $77,112 on revenues of $1,224,000. In 2014, it had net income of $98,952 on...
A 22-year-old college football player sustains a rough hit on the field during a practice for their biggest game of the season in 2 days. The player was knocked to the ground after a collision with...
The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash. . . . . . . . . . . . . . . . . . . . . . . . ....
The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $5,000; Accounts Receivable, $9,000; Supplies, $19,000; Equipment, $120,000; Accumulated...
The December 31, 2021, adjusted trial balance for Fightin? Blue Hens Corporation is presented below. Required: 1. Prepare an income statement for the year ended December 31, 2021. 2. Prepare a...
Two very long, straight wires carry currents as shown in Fig. For each case, find all locations where the net magnetic field is zero 10.0 A 20.0 A 10.0A 3.0 A 10.0 A 20.0 A (b) (c) (a)
Example The trial balance of Upendo Enterprises at 31st December 2014 showed the following: Dr (Tshs.) Cr (Tshs.) 160,000 150,000 5,400,000 2,350,000 Discounts Selling and Distribution expenses Cash...
1. (20 points) Let A[1..n] be an array that stores n possibly non-distinct numbers. (a) (10 points) A range query specifies two integers and y that form an interval (x, y]. The answer to a range...
Exercise 3 (section 30): 1) Consider the task of fully justifying a paragraph of text to a target length, by putting as many words as possible on each line and evenly distributing extra spaces so...
Write a function that sorts the content of a generic stack according to user input. If the user enters 0, the stack is sorted in ascending order (element at top is the smallest and element at bottom...
The PARTITION problem is: Given a set S of n integers, can it be split into two subsets with equal sums? That is, are there subsets A and B such that AUB= S, AnB = 0, and a Aa= bEB b? For example,...
Dove Corporation, a calendar year C corporation, had the following information for 2015: Net income per books (after-tax) .................................................... $386,250 Taxable income...
Using a graphing utility, graph y = cot -1 x.
How is the atomic number of an atom determined?
How are elements probably formed?
What is the significance of the following equation?
4. Roberta Soninno ("The New Geography of Food Security: Exploring the Potential of Urban Food Strategies") argues that "new urban food strategies" are needed to address food insecurity. What are...
The Toole Trust, a simple trust, has the receipts and expenditures listed below for the current year. Assume the Uniform Act governs an item's classification as principal or income. The trustee's fee...
Pearl Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue $842,000 Operating expenses (excluding depreciation) $626,000...

Strategic Management Concepts And Cases Competitiveness And Globalization 13th Edition - ISBN: 0357033833 - Free Book

Study smarter with the SolutionInn App