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I need help doing these questions. thank you very much!! 26) The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts
I need help doing these questions. thank you very much!!
26) The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable Accounts Receivable Accumulated Depreciation Depreciation Expense Dividends Insurance Expense Interest Revenue Prepaid Insurance Retained Earnings Salary Expense Service Revenue $12,000 2900 1500 1100 2400 2600 1140 2020 10,600 22,100 37,800 What is the ending balance in Retained Earnings after the closing entries are completed? A) $10,740 B) $21,340 C) $13,140 D) $38,940 27) The income statement: A) reports the results of operations since the inception of the business. B) covers a defined period of time. C) must cover only a month in time. D) is not dated. 28) When classifying assets and liabilities: A) assets are classified as liquid and non-liquid. B) furniture and fixtures are long-term assets. C) current liabilities include accounts receivable. D) for most businesses the operating cycle is two years. 29) On December 1 of the current year, Prepaid Rent was debited $10,800 for three months of rent, to cover the period December 1 to February 28. The amount of the adjusting entry on December 31 is: A) $0. B) $10,800. C) $3600 D) $7200. 30) The Statement of Retained Earnings is used to prepare the: A) Balance Sheet C) Statement of Cash Flows. B) Statement of Assets. D) Income StatementStep by Step Solution
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