Question
Complete Problem 4-6A on page 291 and Problem 4-7A on page 292 on a piece of paper and then answer the following questions. In Step
Complete Problem 4-6A on page 291 and Problem 4-7A on page 292 on a piece of paper and then answer the following questions.
| In Step 3 of the closing entries what was the amount posted to the Capital account to close out the Income Summary account? | Answer 1Choose...$17,640$221,980 Credit$103,440 Debit$91,940 Credit$96,040 Debit$221,980 Debit$111,240$41,500$125,000$0$91,940 Debit$199,480 Debit$130,040 Credit$83,500 |
| In Step 1 of the closing entries what was the total amount posted to the Income Summary account when closing the revenue account(s)? | Answer 2Choose...$17,640$221,980 Credit$103,440 Debit$91,940 Credit$96,040 Debit$221,980 Debit$111,240$41,500$125,000$0$91,940 Debit$199,480 Debit$130,040 Credit$83,500 |
| What is the opening balance of the Owners' Capital account at January 1, 2020? | Answer 3Choose...$17,640$221,980 Credit$103,440 Debit$91,940 Credit$96,040 Debit$221,980 Debit$111,240$41,500$125,000$0$91,940 Debit$199,480 Debit$130,040 Credit$83,500 |
| What is the current portion of the Long-Term Notes Payable? | Answer 4Choose...$17,640$221,980 Credit$103,440 Debit$91,940 Credit$96,040 Debit$221,980 Debit$111,240$41,500$125,000$0$91,940 Debit$199,480 Debit$130,040 Credit$83,500 |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
