The following account balances were taken from Long Tail Consultings year-end adjusted trial balance (assume these are
Question:
The following account balances were taken from Long Tail Consulting’s year-end adjusted trial balance (assume these are the company’s only temporary accounts).
Prepare the company’s necessary closing entries.
Transcribed Image Text:
Consulting fees earned Interest revenue Insurance expense Rent expense.. Depreciation expense: office equipment Salaries expense.. Dividends.. $320,000 4,000 18,000 60,000 36,000 220,000 9,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
Consulting Fees Earned 320000 Interest Revenue 4000 Income Summary 324000 To close reven...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting The Basis For Business Decisions
ISBN: 9781260247930
19th Edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The following account balances were taken from the 2011 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; machinery and equipment,...
-
The following account balances were taken from Harris Corporation's year-end adjusted trial balance (assume these are the company's only temporary accounts): Dividends . . . . . . . . . . . . . . . ....
-
The following account balances were taken from Harris Corporation's year-end adjusted trial balance (assume these are the company's only temporary accounts)....
-
Consider a symmetric oligopoly in which firms technologies satisfy assumption 5.1. Assume that firms get part of the tax revenues refunded, according to their market shares. The refund share is 0 A...
-
Chucks convenience store has only one gas pump. Cars pull up to the pump at a rate of one car every eight minutes. Depending on the speed at which the customer works, the pumping time varies. Chuck...
-
The Laurenster Corporation needs to perform the following tasks in weeks. Determine the associated PERT network diagram and determine the probability that the project will be complete in 16 weeks or...
-
Measure and report bad debt expense and the allowance for doubtful accounts. - The primary issues in accounting for accounts receivable are when and how to measure bad debts (i.e., accounts that will...
-
Hermosa, Inc. produces one model of mountain bike. Partial information for the company follows: Required: 1. Complete the table. 2. Calculate Hermosas contribution margin ratio and its total...
-
4. Let p = 30 - 0.02x, C(x) - 2.5x + 8000, 0
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
The following information was taken directly from the footnotes to the financial statements of Best Buy. 1. A gift card liability is initially established for the value of gift cards when they are...
-
The following account balances were taken from Hendersonville Corporations year-end adjusted trial balance (assume these are the companys only temporary accounts). Prepare the companys necessary...
-
a. We hope that the new year will be prosperous for you, and that we may have many more opportunities to serve you. b. We hope that the new year will be prosperous for you and that we may have many...
-
Cane Company manufactures two products called Alpha and Beta that sell for $175 and $135, respectively. Each product uses only one type of raw material that costs $5 per pound. The company has the...
-
What is an IPO over-allotment (Greenshoe) option? Describe the over-allotment option included in Prada's IPO?
-
What ethical frameworks and decision-making models do leaders utilize to navigate ethical gray areas, trade-offs between competing values, and conflicting stakeholder interests, facilitating...
-
Eastern Motors Auto Dealership wanted to estimate the average CLV over a 5 year time horizon of a customer who purchases a new vehicle. The average vehicle sells for $24,400 and has a margin of 10% ....
-
12. P Company regularly sells merchandise to its 80%-owned subsidiary, S Corporation. In 2024, P sold merchandise that cost $240,000 to S for $300,000. Half of this merchandise remained in S's...
-
In 2003, as the U.S. economy finally seemed poised to exit its ongoing recession, the Fed began to worry about a "soft patch" in the economy, in particular the possibility of a deflation. As a...
-
Juanita owns a home in Richardson, TX. She purchases a Homeowners Policy (HO-3) from Farm State Ins. Co. The policy provides $100,000 in liability coverage (coverage E) and $5,000 in Med Pay coverage...
-
Boston Bait Shop uses a periodic inventory system. At December 31, Year 2, the accounting records include the following information: Inventory (as of December 31, Year 1) . . . . . . . . . . . . . ....
-
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate...
-
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate...
-
Calculate Return on Equity (ROE): Requirements: Using the following figures: Net Income: $110,000 Average Equity: $700,000 Compute the return on equity (ROE). Express ROE as a percentage. Provide the...
-
Consider the following data for Tesla: Selling price per unit: $40,000 Variable cost per unit: $25,000 Fixed costs: $500,000 i) Calculate the contribution margin per unit. ii) Determine the...
-
Seaside issues a bond that has a stated interest rate of 9 % , face amount of $ 5 0 , 0 0 0 , and is due in 5 years. Interest payments are made semiannually. The market rate for this type of bond is...
Study smarter with the SolutionInn App