Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received...
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Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received $138,000 cash from the issue of common stock. 2. Performed services on account for $89,000. 3. Paid $52,000 cash for operating expenses. 4. Paid a $4,900 cash dividend to the stockholders. Required a. What is the before- and after-closing balance in the Service Revenue account? What other accounts would be closed at the end of the accounting cycle? b. What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B What is the before- and after-closing balance in the Service Revenue account? Service Revenue before Closing Service Revenue after Closing Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received $138,000 cash from the issue of common stock. 2. Performed services on account for $89,000. 3. Paid $52,000 cash for operating expenses. 4. Paid a $4,900 cash dividend to the stockholders. Required a. What is the before- and after-closing balance in the Service Revenue account? What other accounts would be closed at the end of the accounting cycle? b. What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req B What other accounts would be closed at the end of the accounting cycle? Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received $138,000 cash from the issue of common stock. 2. Performed services on account for $89,000. 3. Paid $52,000 cash for operating expenses. 4. Paid a $4,900 cash dividend to the stockholders. Required a. What is the before- and after-closing balance in the Service Revenue account? What other accounts would be closed at the end of the accounting cycle? b. What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Retained Earnings Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received $138,000 cash from the issue of common stock. 2. Performed services on account for $89,000. 3. Paid $52,000 cash for operating expenses. 4. Paid a $4,900 cash dividend to the stockholders. Required a. What is the before- and after-closing balance in the Service Revenue account? What other accounts would be closed at the end of the accounting cycle? b. What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B What is the before- and after-closing balance in the Service Revenue account? Service Revenue before Closing Service Revenue after Closing Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received $138,000 cash from the issue of common stock. 2. Performed services on account for $89,000. 3. Paid $52,000 cash for operating expenses. 4. Paid a $4,900 cash dividend to the stockholders. Required a. What is the before- and after-closing balance in the Service Revenue account? What other accounts would be closed at the end of the accounting cycle? b. What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req B What other accounts would be closed at the end of the accounting cycle? Mission Incorporated experienced the following events in Year 1, its first year of operation: 1. Received $138,000 cash from the issue of common stock. 2. Performed services on account for $89,000. 3. Paid $52,000 cash for operating expenses. 4. Paid a $4,900 cash dividend to the stockholders. Required a. What is the before- and after-closing balance in the Service Revenue account? What other accounts would be closed at the end of the accounting cycle? b. What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B What is the balance of the Retained Earnings account that appears on the Year 1 balance sheet? Retained Earnings
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Answer rating: 100% (QA)
In this case transactions 13 and 4 are not affecting the service revenue account so they are not considered 1This is regards to issue of common stock ... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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