James and Susan Morley recently converted a large turn-of-the-century house into a hotel and incorporated the business
Question:
Required:
1. Indicate what is wrong with the closing entries above.
2. Prepare the correct closing entries. Assume that all necessary accounts are presented above and that the amounts given are correct.
3. Explain why closing entries are necessary.
Transcribed Image Text:
Income Summary 210,000 177,000 33,000 Service Revenue Accumulated Depreciation.... Depreciation Expense.. 33,000 Income Taxes Expense .。...-. Uilities Expense. Wages Expense Supplies Expense Accounts Payable . 8,200 12,700 66,000 31,000 4,500 Income Summary Retained Earnings Income Summary 155,400 54,600 3,200 Income Summary. 54,600 Dividends 3,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Question Posted:
Students also viewed these Accounting questions
-
George Hathaway, an electrician, entered into an agreement with a real estate management company to perform all maintenance of basic electrical systems and air-conditioning equipment in the apartment...
-
You have the following unadjusted trial balance for Rogers Corporation at December 31, 2011: At year-end, you have the following data for adjustments: a. An analysis indicates that prepaid rent on...
-
Morgan Dance Inc. provides ballet, tap, and jazz dancing instruction to promising young dancers. Morgan began operations in January 2012 and is preparing its monthly financial statements. The...
-
Julio sold his corporation to a competitor, Exeter LLC, for $100,000,000. Julio incorporated his business 17 years ago by investing $500,000 plus his proprietary know-how. There have been no other...
-
What factors influence a speculative premium on an option?
-
Elaborate on the uniqueness of this work breakdown structure.
-
The following are the number of defectives produced by the 4 workers operating, in turn, 3 different machines. In each case, the first figure represents the number of defectives produced on a Friday...
-
Bel-Air, Inc., is a small engineering corporation that surveys land for development. The company has grown rapidly over the past few years, and management has to decide whether to hire new engineers...
-
The user will give you n arrays of size m (all arrays have the same size). You will create a function to calculate the Euclidean distance for each of the n arrays. Then, in another function whose...
-
Formulate one or more problem statements. The four short cases we have analyzed in this chapter (Retirement Planning, Draft TV Commercials, Icebergs for Kuwait, and Racquetball Racket) are reproduced...
-
Grand Rapids Consulting Inc. began 2011 with a retained earnings balance of $38,100 and has the following accounts and balances at year-end: Required: 1. Prepare the closing entries made by Grand...
-
Security Specialists performs security services for local businesses. During 2011, Security Specialists performed $915,700 of security services and collected $930,000 cash from customers. Security...
-
How many days from the time of hire does the US Citizenship and Immigration Service give employers to secure a new employees completed Form I-9? a. 1 b. 3 c. 7 d. 10
-
Matthew estimated a minimum need of $175,000 for college education fund for his son in 18 years when his son will start college. What is the current lump-sum investment required to fund his child's...
-
Write a code that checks whether the number taken from the user is positive or not, and if it is positive, print the odd numbers up to that number on the screen using a for loop. If the number taken...
-
What is the difference between the leverage ratio (LR) and the loan-to-value ratio (LTV)? How much greater property value can be purchased with a 75% LTV than with a 50% LTV? What is the LR...
-
Edmonton Drone Co. (EDC) began operations on January 1, 2022 (last year) by selling drones through electronic retail stores. All drones come with a four-year warranty covering parts and labor. For...
-
Job 1 233 Processing Time Due Date in Days 7 152 (day) 8 12 6 4 18 5 6 17) Using the data in the table above a) (6 points) Sequence jobs according to SPT. b) (6 points) Find the average cycle time...
-
You are given the following hypotheses: We know that the sample size is 1,429. For what sample proportion would the p-value be equal to 0.01? Assume that all conditions necessary for inference are...
-
The outer loop controls the number of students. Note that the inner loop of this program is always executed exactly three times, once for each day of the long weekend. Modify the code so that the...
-
Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which side of the bank reconciliation requires journal entries?
-
Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which side of the bank reconciliation requires journal entries?
-
Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which side of the bank reconciliation requires journal entries?
-
An automobile cooling system holds 16 L of water. How much heat does it absorb if its temperature rises from 20 C to 80 C? A 5.0 kg lead ball is dropped into a 2.0 L insulated pail of water initially...
-
A 15.0 kg box is allowed to slide from rest down a ramp that makes an angle of 30.0 o to the horizontal. The coefficient of friction between the box and the ramp is 0.400 and the ramp is 5.00 m long....
-
1. A bowling ball rolls without slipping up a ramp that slopes upward at an angle beta to the horizontal. Treat the ball as a uniform, solid sphere, ignoring the finger holes. What is the...
Study smarter with the SolutionInn App