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:

Cost of goods sold 62,000 Sales revenuc 14,000 Opcrating expenses 1,800 Retained carnings $ 125,000 44,000 24,000 Divide

Requirements
1. Journalize the required closing entries for the year.
2. What is the balance in Retained earnings after the closing entries areposted?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

See More Books

Question Posted: Dec 16, 2011 05:19 AM

See More 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?
Find the point-slope form of the line passing through the given points. Use the first point as (x 1 , y 1 ). Then convert the equation to slope-intercept form and write a formula for a function f...
Infections Can Lower IQ A headline in June 2015 proclaims "Infections can lower IQ." The headline is based on a study in which scientists gave an IQ test to Danish men at age 19. They also analyzed...
Jackson Hole Manufacturing is a small manufacturer of plastic products used in the automotive and computer industries. One of its major contracts is with a large computer company and involves the...
The first production department of ABC Incorporated reports the following for the current month. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process...
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU)...
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,...
Having considered these theories of leadership, do any of them feel as if they fit the clinical environment you work within, in terms of explaining what you understand leadership to be about? Why or...
While the Donlin Mine is on Native Corporation land, do you think there would be a difference if the state or federal government owned the land? That is, would there be a difference in whether those...
Elaborate on why you feel that the chosen concept Tariffs is most important in relation to the wine and spirit industry. How does this affect you as a sales associate working in the wine and spirit...
Eyeone and SafetyTwo are a cournot duopoly. Inverse demand function of P=160-2Q where total output is Q=Q1+Q2, Eyeone (Q1) SafetyTwo(Q2). Monthly cost is estimated as C=4Q for both. Eyeone is...
Does the market size factor in your decision to expand your company's scale of operations in Canada vs. countries in Asia, such as Indonesia, the Philippines, Malaysia, Thailand, India, Singapore?...
The ACA expanded insurance coverage by creating health care exchanges or marketplaces. These were intended primarily for individuals that could not gain insurance through their employer. What was the...
If the FTC raises the minimum wage by $21 a week, what wage per week will low-skilled workers be paid? Will the outcome be efficient? Use the following information to work Problems 6 and 7....
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...
Over a period of four and half years an investment grows to $ 2 0 , 0 0 0 . ( a ) If money in this investment accummlated at a simple interest rate of 8 % , what was the initial amount for the...
It is December 3 1 , 2 0 2 3 . Lincoln has an asset ( Basis $ 1 0 , 0 0 0 ; FMV = $ 4 0 , 0 0 0 ) . The gainon the asset is subject to depreciation recapture and will result in $ 3 0 , 0 0 0 in...
Define and explain the four basic functions that constitute the management process? What is a partnership? List four advantages and disadvantages of operating a business as partnership? Give an...

The data for Amanda's Tax Service, Inc., for the year ended August 31, 2012, follow: Requirements 1.

Question:

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

Step by Step Answer:

Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST REF DEBIT CREDIT Dec 31 Sales revenue ...View the full answer

Financial and Managerial Accounting

Students also viewed these Accounting questions