Exercise $1-25$A $($Algo$)$ Retained earnings and the closing process LO $1-9$

Critz Company was started on January $1,$ Year $1.$ During the month of January, Critz earned $$7,200$ of revenue and incurred $$4,300$ of expenses. During the remainder of Year $1,$ Critz earned $$65,000$ and incurred $$55,000$ of expenses. Critz closes its books on December $31$ of each year.

Required

a$.$ Determine the balance in the Retained Earnings account as of January $31,$ Year $1.$

b$.$ Determine the balance in the revenue and expense accounts as of January $31,$ Year $1.$

c$.$ Determine the balance in the Retained Earnings account as of December $31,$ Year $1,$ before closing.

d$.$ Determine the balances in the revenue and expense accounts as of December $31,$ Year $1,$ before closing.

e$.$ Determine the balance in the Retained Earnings account as of January $1,$ Year $2.$

f$.$ Determine the balance in the revenue and expense accounts as of January $1,$ Year $2.$

Complete this question by entering your answers in the tabs below.

Req A and $B$

Req C and D

Req $E$ and $F$

Determine the balances in the Retained Earnings, revenue and expense accounts as of January $31,$ Year $1.$

$\backslash$table$[[,$January $31,$ Year $1],[$a$.$ Retained earnings,$],[$b$.$ Revenue,$],[$b$.$ Expenses,$]]$

Exercise $1-14$A $($Algo$)$ Missing information for determining net income LO $1-7$

The December $31,$ Year $4,$ balance sheet for Deen Company showed total stockholders' equity of $$78,000.$ Total stockholders' equity increased by $$26,500$ between December $31,$ Year $4,$ and December $31,$ Year $5.$ During Year $5,$ Deen Company acquired $$11,000$ cash from the issue of common stock. The Company paid a $$7,500$ cash dividend to the stockholders during Year $5.$

Required

Determine the amount of net income or loss Deen reported on its Year $5$ income statement. $($Hint: Remember that stock issues, net income, and dividends all change total stockholders' equity.$)$

The following events pertain to Super Cleaning Company:

Acquired $$16,200$ cash from the issue of common stock.

Provided $$14,200$ of services on account.

Provided services for $$5,200$ cash.

Received $$3,600$ cash in advance for services to be performed in the future.

Collected $$10,200$ cash from the account receivable created in Event $2.$

Paid $$6,200$ for cash expenses.

Performed $$1,800$ of the services agreed to in Event $4.$

Incurred $$2,700$ of expenses on account.

Paid $$1,700$ cash in advance for one$-$year contract to rent office space.

Paid $$2,350$ cash on the account payable created in Event $8.$

Paid a $$2,700$ cash dividend to the stockholders.

Recognized rent expense for nine months' use of office space acquired in Event $9.$

Required:

Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$ The first event is recorded as an example.

Note: Round your final answers to the nearest whole dollar. Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December $31,$ Year $2,$ before the closing entries were recorded.

$\backslash$table$[[$Consulting revenue,$$10,100$