The data for Amanda's Tax Service, Inc., for the year ended August 31, 2012, follow: Requirements 1.
Question:
The data for Amanda's Tax Service, Inc., for the year ended August 31, 2012, follow:
Requirements
1. Journalize the required closing entries for the year.
2. What is the balance in Retained earnings after the closing entries areposted?
Transcribed Image Text:
Cost of goods sold 62,000 Sales revenuc 14,000 Opcrating expenses 1,800 Retained carnings $ 125,000 44,000 24,000 Dividends Interest revenue
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST REF DEBIT CREDIT Dec 31 Sales revenue ...View the full answer
Answered By
Sidharth Jain
My name is Sidharth. I completed engineering from National Institute of Technology Durgapur which is one of the top college in India. I am currently working as an Maths Faculty in one of the biggest IITJEE institute in India. Due to my passion in teaching and Maths, I came to this field. I've been teaching for almost 3 years.
Apart from it I also worked as an Expert Answerer on Chegg.com. I have many clients from USA to whom I teach online and help them in their assignments. I worked on many online classes on mymathlab and webassign. I guarantee for grade 'A'.
4.90+
3+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Accounting questions
-
Prepare the fair value adjusting entry for Swift Enterprise as of 12/31/20. Show your work. Show or describe exactly and specifically what will appear on the Balance Sheet of Swift Enterprise as of...
-
What is the maximum balance in retained earnings that can be reported by the combined entity immediately following a business combination?
-
What is the balance in the balanced scorecard?
-
Explain the purpose, uses and advantages of classified statements of cash flows prepared in accordance with IAS 7.
-
How is the amount deducted from an employee's wages for income tax determined?
-
Common-size and trend percents for Roxi Companys sales, cost of goods sold, and expenses follow. Determine whether net income increased, decreased, or remained unchanged in this three-year period....
-
(a) Compute the monthly excess returns on Exxon, General Electric, Gold, IBM, Microsft and Walmart. Be particularly carefully when computing the correct risk free rate to use. (b) Estimate the CAPM...
-
This problem continues the Daniels Consulting situation from Problem P8-41 of Chapter 8. Assume Daniels Consulting had purchased a computer, $3,600, and office furniture, $3,000, on December 3 and 4,...
-
Begin your report with a recommendation on the technological approaches to the migration. Your recommendation citation style that answers the following questions and concerns: Which cloud provider...
-
Pagnol-Carrelages SNC is a small distributor of marble tiles. Pagnol-Carrelages identifies its three major activities and cost pools as ordering, receiving and storage, and shipping, and reports the...
-
Mountainview Corporation reported the following accounts: Requirements 1. Prepare the stockholders equity section of Mountainviews balance sheet. 2. What was the average selling price of each...
-
Frenchvanilla Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, Frenchvanilla declared the annual cash dividend on its 5% preferred stock (par value,...
-
What is the difference between the basic federal tax and the total federal tax?
-
True Or False A buyer has an unlimited time in which they can notify a seller of a breach of warranty.
-
True Or False In most cases plaintiffs are allowed to introduce evidence of a defendants redesign of a product.
-
What defenses can be raised in a warranty case? a. How can a defendant disclaim a warranty? b. Can a seller limit his consequential remedies?
-
True Or False Abuse of process does not occur if the primary purpose of the proceedings is justified, even if the defendant has some ulterior motive.
-
True Or False In a warranty action, defendants can claim that the plaintiff knew the product was defective and used it anyway.
-
What are the advantages and disadvantages of the top-down approach?
-
For Problem estimate the change in y for the given change in x. y = f(x), f'(12) = 30, x increases from 12 to 12.2
-
Explain product pricing strategies for new products and existing products.
-
Identify the errors in the following trial balance. All accounts have normal balances. BLUEFIN CO. Unadjusted Trial Balance For The Month Ending August 31, 2010 Debit Credit Belances Balances 45.000...
-
The following errors took place in journalizing and posting transactions: a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent. b....
-
The following errors took place in journalizing and posting transactions: (a) Cash of $12,975 received on account was recorded as a debit to Fees Earned and a credit to Cash. (b) A $3,200 purchase of...
-
Give an example of one piece of financial information that may be used differently for two stakeholders (users) and explain how it would be used and presented differently?
-
Complete common -size statements (balance sheets) using the data below on page 246. You will be required to create a spreadsheet in MS Excel to display the statements (balance sheets).? In a 1 to 2...
-
A sail boat in the Great South Bay travels 2 miles east and then 4 miles south to get to Fire Island. What is its distance and displacement?
Study smarter with the SolutionInn App