Reference no: EM132513778
Farma Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report:
FARMA SERVICES, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2XXX
Revenue:
Counseling revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $562,500
Expenses: Office supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . 2,125
Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
Office rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000
Education expense . .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,625
Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800
Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,000
Depreciation expense: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,250
Miscellaneous expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900
Income taxes expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,400 (353,100)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $209,400
- The firm's statement of retained earnings indicates that a $6,000 cash dividend was declared and paid during 202X.
Question a) Prepare the necessary closing entries on December 31, 202X.
Question b) If the firm's Retained Earnings account had a $46,000 balance on January 1, 202X, at what amount should Retained Earnings be reported in the firm's balance sheet dated December 31, 202X?
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