Saved Chapter 5 Homework Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it Gerdes Psychological Services, Inc, closes its temporary accounts once each year on December 31. The compa following income statement as part of its annual report. 2,500 GERDES PSYCHOLOGICAL SERVICES, INC. Income Statement For the year ended December 31, current year Revenues Counseling revenue Expenses: Advertising expense Salaries expense 97,000 Office supplies expense Utilities expense Malpractice insurance expense Office rent expense 21,000 Continuing education expense 2.600 Depreciation expense: fixtures 3,500 Miscellaneous expense 7,000 Income taxes expense Net income 500 The firm's statement of retained earnings indicates that a $8,000 cash dividend was declared and paid during the a. Prepare the necessary closing entries on December 31, current year. b. If the firm's Retained earnings account had a $92,000 balance on January 1, current year, at what amount shoul be reported in the firm's balance sheet dated December 31, current year? > Answer is not complete. Complete this question by entering your answers in the tabs below. Prev 1 of 4 !!! Next > Chapter 5 Homework Stred Chapter 5 Homework Check my work mode: This shows what is correct or incorrect for the work you have completed so far. Urtice supplies expense Utilities expense Malpractice insurance expense office rent expense Continuing education expense Depreciation expenset fixtures Miscellaneous expense Income taxes expense Net income 219 850 7.000 21,000 2,600 3,500 7.000 27,500 171,050 $ 228,950 The firm's statement of retained earnings indicates that a $8,000 cash dividend was declared and paid during a. Prepare the necessary closing entries on December 31, current year. b. If the firm's Retained earnings account had a $92,000 balance on January 1, current year, at what amounts be reported in the firm's balance sheet dated December 31, current year? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B If the firm's Retained earnings account had a $92,000 balance on January 1, current year, at what amount should earnings be reported in the firm's balance sheet dated December 31, current year? Retained earnings, December 31, current 80 88 00