1. Net Income is transferred to the

O A. statement of retained earnings

O B. Income Statement

O C. Balance Sheet

O D. it is not transferred to any financial

2. Which of the following statements is prepared second?

O A. Income Statement

O B. statement of retained earnings

O C. Balance Sheet

O D. There is no specific order.

5. On the balance sheet columns of the worksheet, the debit column totals $18,100 and the credit column totals $11,400. What is the amount of net income or net loss?

O A. $29,500 net income

O B. $6,700 net income

O C. $6,700 net loss

O D. $29,500 net loss

10.

11.

10

11

Credit The following is the adjusted trial balance for Baker Services. Accounts Debit Cash $48,100 Accounts Receivable 28,000 Prepaid Insurance 5,500 Office Supplies 3,100 Land 47,000 Building 150,000 Accumulated Depreciation Building Equipment 70,000 Accumulated Depreciation Equipment Accounts Payable $13,500 9,500 24,000 O A. $200,700 OB. $28,500 C. $161.700 OD. $26,000 Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash $15,500 Accounts Receivable 9,000 Office Supplies 900 Equipment 5,500 Accumulated Depreciation Equipment $2,000 Accounts Payable 1,100 Salaries Payable 750 Unearned Revenue 600 Common Stock 3,000 Dividends 2,000 O A. $27 450 O B. $28,450 C. $25,450 D. $23,450 This Question: 1 pt 10 of 20 (20 complete) 102,000 13,000 15,500 26,000 Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense Building and Equipment Supplies Expense Insurance Expense Utilities Expense Total 289,500 64,000 5,900 11,000 14,400 22.000 $495,000 $495,000 After the closing entries are posted, what is the balance in Retained Earnings? O A $200,700 B. $28,500 C. $161,700 OD. $26,000 This Question: 1 pt 11 of 20 (20 complete) $2,000 1,100 750 600 3,000 Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense Equipment Total 2,000 51,550 22.000 2,000 2,100 $59,000 $59,000 What will the balance of the Retained Earings account be after the closing entries are posted? O A. $27,450 O B. $28,450 O C. $25,450 D. $23,450