ABC has $10,000 in revenues, $7,000 in salary expense, and $1,000 in dividends. What is the entry to close out revenues?
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ABC has $10,000 in revenues, $7,000 in salary expense, and $1,000 in dividends. What is the entry to close out revenues?
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- Required: 1. Calculate the total current assets at December 31, 2021. 2. Calculate the total liabilities and stockholders' equity at December 31, 2021. 3. Calculate the earnings from operations (operating income) for the year ended December 31, 2021. 4. Calculate the net income (or loss) for the year ended December 31, 2021. 5. What was the average income tax rate for the company for 2021? 6. If 48,000 of dividends had been declared and paid during the year, what was the January 1, 2021, balance of retained earnings? Assume that all balance sheet items reflect account balances at December 31, 2021 of ABC Ind, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales 99,000…A company reports the following: Income before income tax $565,120 Interest expense 88,300 Determine the times interest earned. Round your answer to one decimal place.fill in the blank 1Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500)
- If the beginning balance of retained earnings is $180,000, revenue is $85,000,expenses total $35,000, and the company declares and pays a $20,000 dividend,what is the ending balance of retained earnings?If the beginning balance of retained earnings is $180,000, revenue is $85,000, expenses total $35,000, and the company declares and pays a $20,000 dividend, what is the ending balance of retained earnings?Required: Complete the following calculations for each individual company: a. If ColourMePink Ltd. has a retained earnings opening balance of $50,000 at the beginning of the year, and an ending balance of $40,000 at the end of the year, what would be the net income/loss, if dividends paid were $20,000? b. If ForksAndSpoons Ltd. has net income of $150,000, dividends paid of $40,000 and a re- tained earnings ending balance of $130,000, what would be the retained earnings opening balance? c. If CupsAndSaucers Ltd. has a retained earnings opening balance of $75,000 at the beginning of the year, and an ending balance of $40,000 at the end of the year, what would be the dividends paid, if the net loss was $35,000?
- If sales are $540, 000, expenses are $440,000 and dividends are $50,000, just before it is closed, the Income Summary account will have a: Select one: a. Debit balance of $50, 000. b. Credit balance of $ 100,000. c. Debit balance of $100,000. d. Credit balance of $50,000.For the year ended December 31, a company had revenues of $201,000 and expenses of $120,600. $40,200 in dividends were paid during the year. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $120,600; credit Expenses $120,600. Debit Revenues $201,000; credit Income Summary $201,000. Debit Income Summary $80,400; credit Retained earnings $80,400. Debit Income Summary $201,000; credit Revenues $201,000. Debit Retained earnings $40,200; credit Dividends $40,200. MacBook AirThe following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
- For the year ended December 31. A company had services revenue of $19,1000 and wages expenses of $114,600,Dividends of $38,200 were paid during the year. Which of the following entries could not be a closing entry? Debit Income Summary $76,400; credit Retained Earnings $76.400 Debit Retained Earnings $38,200: credit Dividends $38,200. > Debit Income Summary $191,000: credit Services Revenue $191,000. Debit Services Revenue $191,000; credit Income Summary $191,000 Debit Income Summary $114,600; credit Wages Expense $114,600.d) A company has current assets of $560,000 and current liabilities of $233,000. The board of directors declares a cash dividend of $169,000. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment enter the ratio rounded to 2 decimal places :1 Current ratio after the payment of the dividend enter the ratio rounded to 2 decimal places :1Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses 73,500 Net Income (Loss) (P3,500) 1. The entry to close revenue account includes a: 2. The entry to close the expense accounts includes a 3. After the revenue and expense accounts have been closed, the balance in Income Summary will be 4. The entry to close Income Summary to Mira Co, Capital includes 5. At January 1, 2021, Mira Co. reported owner's equity of P50,000. Owner's drawings for the year totaled P10,000. At December 31, 2021, the company will report owner's equity of 6. After all closing entries have been posted, the Income Summary account will have a balance of 7. After all closing entries have been posted, the revenue account will have a balance of 6,000 2,500 2,000
