22) The following information is available for Zephyr Company before closing the

Question

22) The following information is available for Zephyr Company before closing the accounts. 22) After all of the closing entries are made, what will be the balance in the Retained earnings account? Net income Retained earnings Dividends S 121,900 116,000 44,000 A) $271,800. B) $237,900. C) $193,900. D) S121,900 E) S1,010,100. 23) Flagg records adjusting entries at its December 31 year-end. At December 31, employees 23) had earned $14,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $35,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1 A) Debit Salaries expense $21,000, credit Cash $21,000 B) Debit Salaries payable $35,000; credit Cash $35,000 C) Debit Salaries expense $21,000, debit Salaries payable $14,000; credit Cash $35,000. D) Debit Salaries expense $14,000; debit Salaries payable $21,000; credit Cash $35,000. E) Debit Salaries expense $35,000; credit Cash $35,000 24) For the year ended December 31, a company has revenues of $330,000 and expenses of 24) $202,500. The company paid S55,200 in dividends during the year. The balance in the Retained earnings account before closing is $94,000. Which of the following entries would be used to close the dividends account? A) Debit Income Summary $55,200; credit Retained earnings $55,200. B) Debit Income Summary $94,000, credit Dividends $94,000 C) Debit Dividends $55,200; credit Retained earnings $55,200. D) Debit Retained eamings $55,200; credit Dividends $55,200 E) Debit Retained earnings $94,000; credit Income Summary $94,000

Explanation / Answer

As per Chegg policy answer to the first question is provided below.

QUESTION 22 - AMOUNT AVAILABLE IN RETAINED EARNING ACCOUNT = 121900 + 116000 - 44000

                                                                                                              = $193900

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