Business, 13.07.2020 21:01 latoyatuggle23

On December 31, 2016, Ditka Inc. had Retained Earnings of $270,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $171,100 and interest revenue of $82,800. The company used supplies in the amount of $89,400, advertising expenses were $16,700, salaries and wages totaled $18,750, and income tax expense was calculated as $14,300. During the year, the company declared and paid dividends of $6,300. Required:
a. Prepare the closing entries dated December 31, 2016.
b. Record the entry for closing revenue and expense account.
c. Record the entry for closing dividend account.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 00:00

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the divisionâ€™s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chanceâ€™s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

Answers: 2

Answer

Business, 22.06.2019 01:00

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, itâ€™s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i donâ€™t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

Answers: 3

Answer

Business, 22.06.2019 14:20

For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?

Answers: 3

Answer

Business, 22.06.2019 18:00

Martha entered into a contract with terry, an art dealer. according to the contract, terry was to supply 18 th century artifacts to martha for the play she was directing, and martha was ready to pay $50,000 for this. another director needed the same artifacts and was ready to pay $60,000. terry decided not to sell the artifacts to martha. in this case, the court may order terry to:

Answers: 2

Answer

You know the right answer?

On December 31, 2016, Ditka Inc. had Retained Earnings of $270,800 before its closing entries were p...

Questions