1. If sales are $255,000, expenses are $210,000 and dividends are $27,500, Income Summary: Will have a debit balance of $17,500.

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Shown below is a trial balance for Novelty Toys, Inc., on December 31, after adjusting entries:

Novelty Toys, Inc. Trial Balance December 31, 20__
Cash	$ 7,350
Accounts receivable	6,175
Office equipment	10,450
Accumulated Depreciation		$ 2,600
Accounts payable		3,675
Capital Stock		10,850
Retained earnings		0
Dividends	3,350
Fees earned		20,750
Salaries expense	7,200
Advertising expense	1,425
Depreciation expense	1,925
	$ 37,875	$ 37,875

2.

value: 2.00 points

Refer to the information above. Net income for the period equals:

	$20,750.
	$10,200.
	$6,850.
	$10,550.

3.

value: 2.00 points

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:

	$20,750.
	Zero.
	$6,850.
	$10,200.

4.

value: 2.00 points

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:

	$20,750.
	$6,850.
	Zero.
	$10,200.

5.

value: 2.00 points

Refer to the information above. The total debits in the After-Closing Trial Balance will equal:

	$37,875.
	$23,975.
	$17,125.
	$27,325.

6.

value: 3.00 points

Refer to the information above. Income Summary will have what balance before it is closed?

	$10,200.
	$10,550.
	$6,850.
	Zero. 7 Only two adjustments appear in the adjustments column of a worksheet for Wycliff Publications: one to record $780 depreciation of office equipment and the other to record the use of $540 of office supplies. If the Trial Balance column totals are $15,360, what are the totals of the Adjusted Trial Balance columns?