Gerdes 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:
GERDES PSYCHOLOGICAL SERVICES, INC.
Income Statement
For the year ended December 31, current year

Revenue:
Counseling revenue $ 320,000
Expenses:
Advertising expense $ 2,000
Salaries expense 94,000
Office supplies
expense 2,600
Utilities expense 1,000
Malpractice insurance
expense 7,000
Office rent expense 29,000
Continuing education
expense 2,200
Depreciation expense:
fixtures 3,500
Miscellaneous
expense 7,000
Income taxes expense 33,000 181,300
Net income $ 138,700

The firm's 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, current year.

b. If the firm's Retained earnings account had a $91,000 balance on January 1, current year, at what amount should Retained earnings be reported in the firm's balance sheet dated December 31, current year

Which of the following mechanisms would be most likely to motivate managers to act in the best interests of shareholders? a) decrease the use of restrictive covenants in bond agreements, b) take actions that reduce the possibility of a hostile takeover, c) elect a board of directors that allows managers greater freedom of action, d) increase the proportion of executive compensation that comes from stock options and reduce the proportion that is paid as cash salaries, e) eliminate a requirement that members of the board directors have a substantial investment in the firm's stocks

What happens when a bank is required to hold more money in reserve?

Jamie lee is reviewing her finances one month later. she has provided the actual amounts paid below. use the cash budget table below to her identify the variances in her budget. each answer must have a value for the assignment to be complete. enter "0" for any unused categories. actual amounts income: monthly expenses: gross monthly salary $2,315 rent obligation $260 net monthly salary $1,740 utilities/electricity $130 savings allocation: utilities/water $10 regular savings $130 utilities/cable tv $155 rainy-day savings $20 food $160 entertainment: gas/maintenance $205 cake decorating class $90 credit card payment $25 movies with friends $50 car insurance $75 clothing $145 budgeted amounts assets: monthly expenses: checking account $1,850 rent obligation $225 emergency fund savings account $4,300 utilities/electricity $75 car $5,200 utilities/water $35 computer & ipad $1,100 utilities/cable tv $120 liabilities: food $115 student loan $6,600 gas/maintenance $95 credit card balance $1,000 credit card payment $45 income: car insurance $45 gross monthly salary $2,155 clothing $45 net monthly salary $1,580 entertainment: savings allocation: cake decorating class $90 regular savings $130 movies with friends $50 rainy day savings $20