Use the following to answer questions 2729 The Company had the following Net Income (Loss) for 20A-20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). equipment Use the following to answer questions 34 36 The year-end adjusted trial balance of the Corporation included the following account balances: Prepare the closing entries. 34. $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36. After closing the accounts, what is the ending balance in Retained Earnings? The company incurs employee salaries of $30,000 for the last week of December which will be paid on January 5 th. 13. Record the adjusting entry on December 31st related to the employee salaries 14. $ Indicate by how much net income in the income statement is higher or lower if the adjustment in \#13 is not recorded (if lower put "-" in front of your answer). 23. S Determine ending total stockholders' equity for the year 24. $ Determine total Current Assets at the end of the year 25. S Determine Total Assets at the end of the year 26. Should Common stock be closed at year end? Use the following for questions 3739 The company has provided their accounts in alphabetical order. Use these accounts to answer the following questions. Use the following to answer questions 58 Determine the amount to recognize in September for accrual basis and for cash basis. Acerual basis Cash basis 5 Provided $10,000 of consulting serviees in September will be paid in Oetober 6 Paid workers $6,000 in September (\$1,000 for work done in August and \$5,000 for work done in September). 7 Paid $400 utility bill for the previous period 8 Pay $1,200 for insurance in advance for the next six months. Use the following transactions to answer questions 17 19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you. Example: Purchased office supplies for cash, $440 Use the following to answer questions 15 - 16 On November 1st, the company pays a local radio station $15,000 for 6 months of radio ads that are to be aired equally throughout the six months. Prepaid Advertising was debited on November 1 st and no other entries regarding this transaction were made since then. 15. $ After the adjusting entry has been recorded on December 31st, determine the amount of advertising expense for the year ended December 31st. 16. $ After the adjusting entry has been recorded on December 31st, determine the ending balance in the prepaid advertising account that should be recorded on the December 31st Balance Sheet. Use the following to answer questions 1112 On October 1st the company borrows $200,000 from a local bank for nine months. A note is signed with principal and 7% interest to be paid when the note matures next year. A note payable was recognized on October 1st, and no other entries regarding this transaction were made until December 31st. 11.$ In the adjusting entry recorded on December 31st determine the amount of interest expense that should be reported. 12. What effect would failure to record the adjusting entry for this note payable have on the financial statement items? A. would cause it to be overstated B. would cause it to be understated C. would have no effect Use the following to answer questions 14 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Complete the T-accounts for ACCOUNTS RECEIVABLE and SALARIES PAYABLE to help answer questions \#1 \&2. NOTE: ALL SERVICES PROVIDED ARE ON ACCOUNT AND SALARIES EXPENSE ARE RECORDED BEFORE THEY ARE PAID. ACCOUNTS RECEIVABLE SALARIES PAYABLE 1. Determine the amount of cash collected from customers during the period: S 2. Determine the amount for cash paid for salaries during the period: $ 3. Determine accrual basis net income for the period: 4. Determine cash basis net income for the period: Use the following to answer questions 9 - 10 On September 1st, the company received a $48,000 payment from a customer for services to be rendered evenly over the next six months. Deferred Revenue was credited on September 1st and no other entries regarding this transaction were made until December 31 st. 9. $ After the adjusting entry has been recorded on December 31st, determine the ending balance in the deferred revenue account that should be recorded on the December 31st Balance Sheet. 10. $ After the adjusting entry has been recorded on December 31st, determine the amount of service revenue that should be recognized for this customer on the annual income statement on December 31 st