Exercise A The accountant for Sheldrake Consulting prepared the following "Adjusted" Trial Balance at December 31, 2011, after one year of operations: Debit Credit $ 7,590 5,910 2,550 25,230 Cash Accounts Receivable Unexpired Insurance Office Equipment Accumulated Depreciation: Office Equipment Unearned Consulting Fees Capital Stock Retained Earnings, January 1, 2011 Dividends $ 450 4,230 21,030 3,390 1,150 28,150 8,850 2,130 3,390 450 Consulting Fees Earned Salaries Expense Utilities Expense Rent Expense Depreciation Expense $57,250 $57,250 Supplies Expense I8375372 What is the balance in Income Summary before it is closed to Retained Eamings? $61. $50. $73. b. $145. What is the balance in Retained Earnings after posting closing entries at December 31? $117. b. S106. $61. S45. What is the total debits on the after- closing trial balance? $222. S372. $233. S161. Which accounts are closed to Income Summary? All accounts. Revenue and expenses. Revenue, expenses, and dividends. All accounts that are not nominal. Which accounts will appear on the balance sheet? Retained earnings of $56. Dividends of S11. Net income of S60. None of the above.Exercise C The accountant for Successful Consulting prepared the following "Adjusted" Trial Balance at December 31, after one year of operations: 20 Debi Credit s 5,700 Cash Accounts Receivable Unexpired Insurance office Equipment Accumulated Depreciation: Office Equipment Unearmed Consulting Fees Capital Stock Retained Earnings, January 1, 20 Dividends Consulting Fees Eamed Salaries Expense Utilities Expense Rent Expense 4,500 2.100 18300 S 600 3,600 15.300 L100 21.200 6,600 2.700 Depreciation Expense 600 1 What is the balance in Income Summary before it is closed to Retained Earnings? $61. a $50. $73. $145. 2 What is the balance in Retained Earnings after posting closing entries at December 31? $117. $106. a $61. $45. What is the total debits on the after- closing trial balance? $222. $372. $233. $161. Which accounts are closed to Income 4 Summary? All accounts. Revenue and expenses. Revenue, expenses, and dividends. b All accounts that are not nominal. Which accounts will appear on the 5 balance sheet? Retained earnings of $56. Dividends of $11. b Net income of $60. None of the above.Exercise C Exercise A The accountant for Sheldrake Consulting prepared the following "Adjusted" Trial Balance at December 31, 2011, after one year of operations: Debit Credit $ 7,590 5,910 2,550 25,230 Cash Accounts Receivable Unexpired Insurance Office Equipment Accumulated Depreciation: Office Equipment Unearned Consulting Fees Capital Stock Retained Earnings, January 1, 2011 Dividends $ 450 4,230 21,030 3,390 1,150 28,150 8,850 2,130 3,390 450 Consulting Fees Earned Salaries Expense Utilities Expense Rent Expense Depreciation Expense $57,250 $57,250 Supplies Expense I8375372 What is the balance in Income Summary before it is closed to Retained Eamings? $61. $50. $73. b. $145. What is the balance in Retained Earnings after posting closing entries at December 31? $117. b. S106. $61. S45. What is the total debits on the after- closing trial balance? $222. S372. $233. S161. Which accounts are closed to Income Summary? All accounts. Revenue and expenses. Revenue, expenses, and dividends. All accounts that are not nominal. Which accounts will appear on the balance sheet? Retained earnings of $56. Dividends of S11. Net income of S60. None of the above.Exercise C The accountant for Successful Consulting prepared the following "Adjusted" Trial Balance at December 31, after one year of operations: 20 Debi Credit s 5,700 Cash Accounts Receivable Unexpired Insurance office Equipment Accumulated Depreciation: Office Equipment Unearmed Consulting Fees Capital Stock Retained Earnings, January 1, 20 Dividends Consulting Fees Eamed Salaries Expense Utilities Expense Rent Expense 4,500 2.100 18300 S 600 3,600 15.300 L100 21.200 6,600 2.700 Depreciation Expense 600 1 What is the balance in Income Summary before it is closed to Retained Earnings? $61. a $50. $73. $145. 2 What is the balance in Retained Earnings after posting closing entries at December 31? $117. $106. a $61. $45. What is the total debits on the after- closing trial balance? $222. $372. $233. $161. Which accounts are closed to Income 4 Summary? All accounts. Revenue and expenses. Revenue, expenses, and dividends. b All accounts that are not nominal. Which accounts will appear on the 5 balance sheet? Retained earnings of $56. Dividends of $11. b Net income of $60. None of the above.Exercise C
