A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue $8,500 11,900 34,000 Rent expense 3,400 Salaries expense 7,950 Insurance expense 380 Depreciation Expense-equipment 580 Accumulated depreciation-equipment 1,740 $21,690 credit. $21,690 debit. $9,790 debit. $9,790 credit.

Preparing closing entries from T-accounts Selected accounts for Kebby Photography at December 31, 2018, follow: Requirements Journalize Kebby Photography’s closing entries at December 31, 2018. Determine Kebby Photography’s ending Retained Earnings balance at December 31, 2018.

8. The closing entry process consists of closing a. all asset and liability accounts. b. out the Owner's Capital account. C. all permanent accounts. d. all temporary accounts. 9. The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. C. a post-closing trial balance. d. reversing entries. 10. The current ratio is expressed as a. current assets divided by current liabilities. b. current assets minus current liabilities. c. current liabilities divided by non-current liabilities. d. current assets minus owner's equity. ish (Canada)

Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2019 For Three Months Ended March 31, 2020 2$ Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue $ 8,400 8,400 420 840 20,000 1,250 31,984 83,560 20,000 2,500 44,500 120,368 Total assets Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expense-Office equipment and for Depreciation expense-Computer equipment (assume use of the straight-line method). 2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment as of December 31, 2020? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required…

The following accounts are taken from the ledger of Crane Company at December 31, 2022.

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What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018? Account Cash Accounts Receivable Trucks Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Credit to Income Summary of $130,000 Debit to Income Summary of $130,000 O Credit to K. Wilson, Capital of $130,000 O Credit to Trucking Fees Earned of $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000

Classifying balance sheet accounts For each account listed, identify the category in which it would appear on a classified balance sheet. Office Supplies Interest Payable Retained Earnings Copyrights Land Accumulated Depreciation—Furniture< Land (held for long-term investment purposes) Unearned Revenue</p> <p>i. Notes Payable (due in six years)

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