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what would be the retained earning here? tried zero also, the answer was incorrect Critz Company was started on January 1, Year 1. During the
what would be the retained earning here? tried zero also, the answer was incorrect
Critz Company was started on January 1, Year 1. During the month of January, Critz earned $7,500 of revenue and incurred $ of expenses. During the remainder of Year 1, Critz earned $86,000 and incurred $51,000 of expenses. Critz closes its books December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1, Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2. Answer is complete but not entirely correct. Complete this question by entering your answers the tabs below. Req A and B Req C and D Req E and F Determine the balances in the Retained Earnings, Revenue and Expense accounts as of January 1, Year 2. Year 2 e. $ 55,800 x Retained earnings Revenue f. $ 0 Expense $ 0 ReqC and D Req E and F Year 1 a. $ 0 Retained earnings Revenue b. $ 7,500 Expense $ 4,800 Req A and B Req C and D Req E and F Determine the balances in the Retained Earnings, Rev Year 1 C. Retained earnings $ 0 $ 93,500 d. Revenue Expense $ 55,800Step by Step Solution
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