The following accounts reflect the correct Year 1 year-end balances after adjustment but before closing.
| Accumulated depreciation | 225 | Accounts payable | 52 |
| Accounts receivable | 280 | Cash | 76 |
| Common stock | 100 | Cost of goods sold | 420 |
| Depreciation expense | 60 | Dividends | 20 |
| Equipment | 600 | Interest expense | 4 |
| Inventory | 90 | Note payable, due 8/1/Y4 | 63 |
| Prepaid rent | 10 | Rent expense | 40 |
| Retained earnings, 1/1/Y1 | 400 | Salary expense | 125 |
| Sales revenue | 855 | Unearned revenue | 30 |
- Determine total assets
- Determine total liabilities
- What are retained earnings on the Dec. 31, Year 1 balance sheet?
- Prepare the correct entry to close the Income Summary accounts.
The Rest Of TheVideos
| 1 | Not completed | The Closing Process | 11 min |
| 2 | Not completed | The Classified Balance Sheet | 5 min |
| 3 | Not completed | Current Assets | 10 min |
| 4 | Not completed | Non-Current Assets | 11 min |
| 5 | Not completed | Current Liabilities | 7 min |
| 6 | Not completed | Non-Current Liabilites | 2 min |
| 7 | Not completed | Contributed Capital | 6 min |
| 8 | Not completed | Ratios: Current Ratio | 4 min |
Chapter 4Practice Problems
| Click Here to View All Problems at Once | View | ||
| 1 | Not completed | Closing Journal Accounts | Easy |
| 2 | Not completed | Current Assets | Easy |
| 3 | Not completed | Effect on the Current Ratio | Easy |
| 4 | Not completed | Closing Process | Moderate |
| 5 | Not completed | Solving for Missing Amounts | Moderate |
| 6 | Not completed | Account Classifications | Hard |
| 7 | Not completed | Year End Closing & Account Classification You are here. | Hard |