12Prepare the entries to close the net income summary to retained earnings.O Retained Earnings 35,000Income Summary35,000O Income Summary35,000Retained Earnings35,000Account receivable38,000Retained Earnings38,000O Income Summary18,000Retained Earnings18,000

Closing entries are essential steps in the accounting cycle that ensure the accuracy of financial…

Answered: 12 Prepare the entries to close the net…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 28E: Multiple-step income statement The following income statement for Curbstone Company was prepared for...

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y Home Net income w.com/ilm/takeAssignment/takeAssignmentMain.do?invo... A Interest expense X CengageNOWv2 | Online teachin x + O 10 Fiscal Year 3 Fiscal Year 2 $146,200 $75,300 3,000 11,200 Total assets (at end of fiscal year) Total stockholders' equity (at end of fiscal year) Fiscal Year 3 $3,398,445 1,220,347 Assume the apparel industry average return on total assets is 8.0%, and the average return on stockholders' equity is 15.0% for the year ended April 2, Year 3. a. Determine the return on total assets for East Point for fiscal Years 2 and 3. Round to one decimal place. Fiscal Year 3 Fiscal Year 2 b. Determine the return on stockholders' equity for East Point for fiscal Years 2 and 3. Round to one decimal place. Fiscal Year 3 Fiscal Year 2 c. The return on stockholders' equity is use of leverage. d. During fiscal Year 3, East Point's results were compared to the industry average. The return on total assets for East Point was than the industry average. The return on stockholders'…
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X Print Item Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Sales Cost of goods sold Gross margin Income Statement Operating expenses Interest expense Net income a. 2.8% b. 1.4% c. 11.3% d. 5.6% $67,366 89,760 79,299 63,350 $299,775 $93,016 37,206 $55,810 (21,965) (4,651) $29,194 Number of shares of common stock outstanding Market price of common stock Total dividends paid Cash provided by operations What is the return on total assets for Diane Company? 6,335 $26 $9,000 $30,000 All work saved. MacBook
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QUESTION 10 The income statement for the year 2011 of SQU contains Not yet answered the following information: Revenues $63,000; Expenses $66,150. The entry to close Income Summary to Retained Marked out of1.00 P Flag question Earnings includes Select one: a. Credits to Expenses totaling $66,150. b. A debit to Retained Earnings for $3,150. cA debit to Revenue for $63,000. d. A debit to Income Summary for $3.150. 口□ 口口

Correct Profit or Loss? Correct retained earnings ending balance?
Determine the retained earnings ending balance. O s29,099 O s3,13S $13,306 O s11.840
CengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ v.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inp Return on Total Assets A company reports the following income statement and balance sheet information for the current ye Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. 6.5 X % Feedback Y Check My Work Divide the sum of net income and interest expense by average total assets. Check My Work All work saved. Email Instr
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item/company A B Revenue 38.51% 14.23% net income 32.60% 1,596.39% net profit margin -4.26% 1,410.59% ROE 19% 8.6% Based on the information which company has the higher financial performance? state the reason
What should be the amount stated as Ending Retained Earnings on the Statement of Retained Earnings given the following information? Beginning Retained Earnings: $100 Revenue: $692 Expense: $370 Dividends: $87
1-What will be the net income? a. 72000 b. 56000 c. 16000 d. 338000 Clear my choice Question 43 Not yet answered Marked out of 1.00 Flag question Question text What will be the Gross Profit at the end of the year December 2019 a. OMR 56000 b. OMR 16000 c. OMR 338,000 d. OMR 336,000 2-What is the Gross Margin in terms of Percentage? a. 16.66 b. 16.56 c. Cannot be determined d. 20.66 3-What will be the total operating expense? a. 21500 b. 53200 c. 41200 d. 19700 4-What will be the total Selling and distribution expense? a. 41200 b. 19700 c. 14800 d. 17200

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12 Prepare the entries to close the net income summary to retained earnings. O Retained Earnings 35,000 Income Summary 35,000 O Income Summary 35,000 Retained Earnings 35,000 Account receivable 38,000 Retained Earnings 38,000 O Income Summary 18,000 Retained Earnings 18,000