After closing entries have been posted, the balance in retained earnings will be

Question

After closing entries have been posted, the balance in retained earnings will be

13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $3,300 Equipment $6,400 Cash 1,525 Prepaid insurance 1,225 Unearned revenue 5,320 Depreciation expense 640 Salary 1,050 Accum. depreciation 1,280 Common stock 390 Retained earnings 550 A. $9,150 B. $10,840 C. $9,560 D. $10,430
14) An adjusted trial balance A. is prepared after the financial statements are completed B. proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made C. is a required financial statement under generally accepted accounting principles D. cannot be used to prepare financial statements
15) Given the following adjusted trial balance, net income for the year is: Debit Credit Cash $781 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Property, plant & equipment 150 Accumulated depreciation 26 Accounts payable 41 Unearned revenue 61 Common stock 103 Retained earnings 3,305 Service revenue 134 Interest revenue 28 Salary expense 80 Travel expense 33 Total $3,698 $3,698 A. $248 B. $135 C. $162 D. $49
16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance? Debit Credit Cash $1,562 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Property, plant, & equipment 300 Accumulated depreciation $52 Accounts payable 82 Unearned revenue 172 Common stock 206 Retained earnings 6,610 Service revenue 218 Interest revenue 56 Salary expense 160 Travel expense 66    Totals $7,396 $7,396 A. $7,396 B. $7,118 C. $7,334 D. $7,170
17) Given the following adjusted trial balance: Debit Credit Cash $781 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Property, plant & equipment 150 Accumulated depreciation $26 Accounts payable 41 Unearned revenue 61 Common stock 103 Retained earnings 3,305 Service revenue 134 Interest revenue 28 Salary expense 80 Travel expense 33 Total $3,698 $3,698

After closing entries have been posted, the balance in retained earnings will be

A. $3,256 B. $3,170 C. $3,440 D. $3,354
18) Net income is recorded on the work sheet under the A. debit column of the adjusted trial balance and the credit column of retained earnings B. debit column of the income statement and the credit column of the balance sheet C. credit column of the adjusted trial balance and the debit column of retained earnings D. credit column of the income statement and the debit column of the balance sheet
19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be A. $900,000 and 65% B. $1,300,000 and 35% C. $900,000 and 35% D. $1,300,000 and 65%
20) During the year, Sarah

Explanation / Answer

is a required financial statement under generally accepted accounting principles

C.
$390,000

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