Question : 103. The following information available for the Noir Detective Agency, Inc.. : 1257827

103. The following information is available for the Noir Detective Agency, Inc.. After these closing entries what will be the balance in the  Retained Earnings account?

Net Loss……………………$17,600

Retained earnings………289,000

Dividends………32,000

A. $239,400.
B. $274,600.
C. $303,400.
D. $289,000.
E. $257,000.

104. The  Retained Earnings account has a credit balance of $37,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and  dividends are $9,000, what is the ending balance in the  Retained Earnings account after all closing entries are made? 
A. $37,000.
B. $35,400.
C. $43,400.
D. $28,000.
E. $52,400.

105. The  Retained Earnings account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and  dividends are $9,000. What is the correct closing entry for the expense accounts? 
A. Debit Income Summary $39,800; credit Expense accounts $39,800.
B. Debit Expense accounts $37,000; credit  Retained Earnings $37,000.
C. Credit Expense accounts $39,800; debit  Retained Earnings $39,800.
D. Debit Expense accounts $39,800; credit Income Summary $39,800.
E. Debit Income Summary $39,800; credit  Retained Earnings $39,800.

106. The Income Summary account is used to: 
A. Adjust and update asset and liability accounts.
B. Close the revenue and expense accounts.
C. Determine the appropriate  dividend amount.
D. Replace the income statement under certain circumstances.
E. Replace the  retained earnings account in some businesses.

107. The company paid $35,000 cash in dividends to the owner, Jen Rogers. The entry needed to close the  dividends account is: 
A. Debit Income Summary and credit Cash for $35,000.
B. Debit  Dividends and credit Cash for $35,000.
C. Debit Income Summary and credit  Dividends for $35,000.
D. Debit  Retained Earnings and credit  Dividends for $35,000.
E. Debit  Dividends and credit  Retained Earnings for $35,000.

108. 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  Retained Earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

Retained Earnings………..

$ 7,000

Dividends…………….

9,600

Revenue……………………………………………..

29,000

Rent expense………….

3,600

Salaries expense….……….

7,200

Insurance expense………

920

Depr. Expense-equipment ….

500

Accumdepr.-equipment…..

1,500

A. $16,780 debit.
B. $ 7,180 credit.
C. $16,780 credit.
D. $18,280 credit.
E. $23,780 credit.

3,600   Debit

7,200   Debit

920   Debit

500    Debit

109. It is obvious that an error occurred in the preparation and/or posting of closing entries if: 
A. all revenue and expense accounts have zero balances.
B. the  retained earnings account is debited for the amount of the net loss for the period.
C. the income summary account is debited for the amount of net income for the period.
D. all balance sheet accounts have zero balances.
E. only permanent accounts appear on the post-closing trial balance.

110. At the beginning of the year, a company’s balance sheet reported the following balances: Total Assets = $225,000; Total Liabilities = $125,000; and  Retained Earnings = $100,000. During the year, the company reported revenues of $46,000 and expenses of $30,000. In addition,  dividends for the year totaled $20,000. Assuming no other changes to  retained earnings, the balance in the  retained earnings account at the end of the year would be: 
A. $116,000.
B. $136,000.
C. $24,000
D. $96,000.
E. $104,000.

111. After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: 
A. Debit  Dividends $33,000; credit Income Summary$33,000.
B. Debit Income Summary $33,000; credit  Dividends $33,000.
C. Debit Income Summary$33,000;  credit  Retained Earnings $33,000.
D. Debit  Retained Earnings $33,000; credit Income Summary $33,000.
E. Credit  Retained Earnings $33,000; debit  Dividends $33,000.

112. The trial balance prepared after all closing entries have been journalized and posted is called the: 
A. Unadjusted trial balance.
B. Post-closing trial balance.
C. General ledger.
D. Adjusted trial balance.
E. Work sheet.