70.2K
Verified Solution
Link Copied!
| Mantle Company Worksheet For the Year Ended December 31, 2014 |
| Adjusted Trial Balance | Income Statement | Balance Sheet |
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | $16,000 | | | | $16,000 | |
| Accounts Receivable | $6,000 | | | | $6,000 | |
| Supplies | $2,000 | | | | $2,000 | |
| Equipment | $19,000 | | | | $19,000 | |
| Accumulated Depr-Equip | | $6,000 | | | | $6,000 |
| Accounts Payable | | $10,000 | | | | $10,000 |
| Wages Payable | | $2,000 | | | | $2,000 |
| Capital Stock | | $5,000 | | | | $5,000 |
| Retained Earnings | | $10,595 | | | | $10,595 |
| Dividends | $1,000 | | | | $1,000 | |
| Fees Earned | | $43,020 | | $43,020 | | |
| Wages Expense | $20,984 | | $20,984 | | | |
| Rent Expense | $6,973 | | $6,973 | | | |
| Depreciation Expense | $4,658 | | $4,658 | | | |
| Totals | $76,615 | $76,615 | $32,615 | $43,020 | $44,000 | $33,595 |
| Net Income (Loss) | | | $10,405 | | | $10,405 |
| | | $43,020 | $43,020 | $44,000 | $44,000 |
1. Based on the trial balance, the entry to close income summary would be:
Select the correct answer.
| A. | debit Income Summary $10,405, credit Retained Earnings $10,405 | | |
| B. | debit Income Summary $15,595; credit Retained Earnings $15,595 | | |
| | C. debit Income Summary $9,405; credit Retained Earnings $9,405 | | |
| | D. debit Retained Earnings $32,615; credit Income Summary $32,615 | 2. Based on the trial balance, determine the ending balance in Retained Earnings. Select the correct answer. |
Answer & Explanation
Solved by verified expert
