Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report.

FICK PSYCHOLOGICAL SERVICES, INC.Income StatementFor the year ended December 31, current yearRevenue: Counseling revenue $410,000 Expenses: Advertising expense$1,900 Salaries expense 94,000 Office supplies expense 1,900 Utilities expense 850 Malpractice insurance expense 6,000 Office rent expense 23,000 Continuing education expense 3,300 Depreciation expense: fixtures 3,500 Miscellaneous expense 7,000 Income taxes expense 39,000 180,450 Net income $229,550

Ficks statement of retained earnings indicates that a $7,000 cash dividend was declared and paid during the current year.

a. Prepare the necessary closing entries on December 31 of the current year.

b. If Ficks Retained earnings account had a $98,000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the firm's year-end balance sheet dated December 31?

Fick Psychological Services, Inc., closes Its temporary accounts once each year on December 31 . The company recently Issued the following Income statement as part of Its annual report. Fick's statement of retalned earnings indicates that a $7,000 cash dividend was declared and paid during the current year. a. Prepare the necessary closing entrles on December 31 of the current year. b. If Fick's Retalned earnings account had a $98,000 balance on at the beginning of the current year, at what amount should Retained EarnIngs be reported In the firm's year-end balance sheet dated December 31 ? Complete this question by entering your answers in the tabs below. Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 4 Record the entry to close the revenue account. Note: Enter debits before credits