Question

Critz Company was started on January 1, 2018. During the month of January, Critz earned $6,800...

Critz Company was started on January 1, 2018. During the month of January, Critz earned $6,800 of revenue and incurred $4,100 of expenses. During the remainder of 2016, Critz earned $63,000 and incurred $53,000 of expenses. Critz closes its books on December 31 of each year.

Required

Determine the balance in the Retained Earnings account as of January 31, 2018.

Determine the balance in the Revenue and Expense accounts as of January 31, 2018.

Determine the balance in the Retained Earnings account as of December 31, 2018, before closing.

Determine the balances in the Revenue and Expense accounts as of December 31, 2018, before closing.

Determine the balance in the Retained Earnings account as of January 1, 2019.

Determine the balance in the Revenue and Expense accounts as of January 1, 2019.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Critz Company was started on January 1, 2018. During the month of January, Critz earned $8,000...
Critz Company was started on January 1, 2018. During the month of January, Critz earned $8,000 of revenue and incurred $4,700 of expenses. During the remainder of 2016, Critz earned $69,000 and incurred $59,000 of expenses. Critz closes its books on December 31 of each year. Required Determine the balance in the Retained Earnings account as of January 31, 2018. Determine the balance in the Revenue and Expense accounts as of January 31, 2018. Determine the balance in the Retained...
On December 31, 2018, Ditka Inc. had Retained Earnings of $279,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $279,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $180,100 and interest revenue of $87,300. The company used supplies in the amount of $93,900, advertising expenses were $17,600, salaries and wages totaled $20,100, and income tax expense was calculated as $16,100. During the year, the company declared and paid dividends of $7,200. Prepare the closing entries dated December 31, 2018. Prepare T-account...
Item 2Item 2 On December 31, 2018, Ditka Inc. had Retained Earnings of $273,800 before its...
Item 2Item 2 On December 31, 2018, Ditka Inc. had Retained Earnings of $273,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $174,100 and interest revenue of $84,300. The company used supplies in the amount of $90,900, advertising expenses were $17,000, salaries and wages totaled $19,200, and income tax expense was calculated as $14,900. During the year, the company declared and paid dividends of $6,600. Required: Prepare the closing entries dated December...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $640,000 on January 1, 2018, the beginning of the year. During the year, dividends of $45,000 were paid. Accounts payable $ 71,000 Accounts receivable 268,000 Cash 191,500 Common stock 70,000 Fees earned 851,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 Supplies 5,700 Supplies expense 4,100 Utilities...
Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company...
Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report: GERDES PSYCHOLOGICAL SERVICES, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR Revenue:        Counseling revenue        $270,000 Expenses:        Advertising expense    $ 2,160    Salaries expense    112,800    Office supplies expense    1,440    Utilities expense    1,020    Malpractice insurance expense    7,200...
Grizzly Company had Retained Earnings at December 31, 2018 of $202,000. During 2019, the company had...
Grizzly Company had Retained Earnings at December 31, 2018 of $202,000. During 2019, the company had revenues of $402,000 and expenses of $351,000, and the company declared and paid dividends of $11,200. Retained earnings on the balance sheet as of December 31, 2019 will be: $253,000. $39,800. $241,800. $292,800.
The Not-too-tough company started its operation in 2018. Its balance sheet for December 31, 2018, showed...
The Not-too-tough company started its operation in 2018. Its balance sheet for December 31, 2018, showed the following account balances (there were no other accounts listed, numbers are in thousands): Assets Assets 2019 Cash and cash equivalents 400 Inventory 59 Accounts receivable 90 Property, plants, and equipment 100 Less: accumulated depreciation (10) Property and equipment – net 90 Prepaid rent 0 Total Assets 639 Liabilities and Equity Liabilities and Equity 2019 Accounts payable 50 Advance from customers 40 Wages payables...
1. XYZ Company's balance sheet reported assets of $80,000, liabilities of $22,000 and common stock of...
1. XYZ Company's balance sheet reported assets of $80,000, liabilities of $22,000 and common stock of $35,000 as of December 31, 2018. There was no preferred stock.  If net income during 2019 was $31,000 and XYZ declared a $17,000 dividend during 2019, payable in 2020, then the balance in retained earnings at December 31, 2019 is a. $  14,000 b. $  37,000 c. $  44,000 d. $  54,000 2.  The collection of cash in the current period for consulting services that had been performed and properly...
E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December...
E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Tippy Corporation is provided below. Prepare closing entries. Debit Credit Accounts Receivable    $ 72,600    Dividends 26,300 Depreciation Expense 13,200 Equipment 212,800 Salaries and Wages Expense 91,100 Accounts Payable $ 53,000 Accumulated Depreciation—Equipment 114,800 Unearned Rent Revenue 22,900 Service Revenue 183,800 Rent Revenue 6,200 Rent Expense 3,600 Retained Earnings 61,800 Supplies Expense 1,400 Instructions a. Prepare closing entries b. Determine the post-closing...
Below is the trial balance of Your Company as of December 31, 2018. After the closing...
Below is the trial balance of Your Company as of December 31, 2018. After the closing entries have been posted to the accounts, what is the total for owners’ equity? Account Title: Debit Credit Cash $4,200 Equipment 8,000 Common Stock $4,500 Retained Earnings 4,800 Revenue 5,500 Expenses 2,600 Totals $14,800 $14,800
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT