(Answered) Seduction interiors has the following balances before

Accounting

Seduction Interiors has the following balances before closing entries are performed:

Retained Earnings ........$5,000
Fees Earned .........$25,000
Salaries expense ........$17,000
Operating expenses ......$12,000
Dividends distributed .....$7,000

The company's bookkeeper prepares the closing entries and becomes concerned.

a. Prepare the closing entries for the company.
b. What caused the bookkeeper concern?
c. Should the company had paid dividends during the year?
d. What can the shareholders do?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91701884
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - stockman corp purchased 10 1000 6 bonds of

Question - Stockman Corp. purchased 10, $ 1,000 6% bonds of Energy Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in six years. Using the PV fu ...

Question - sanchez consulting companymark sanchez

Question - Sanchez Consulting Company Mark Sanchez established Sanchez Consulting Company on September 1, 2018, as a backup plan since he is now a free agent and has been suspended for the first four games of the season. ...

Question - robben company is considering investing in an

Question - Robben Company is considering investing in an annuity contract that will return $40,000 annually at the end of each year for 15 years. What amount should Robben Company pay for this investment if it earns an 8 ...

Question - blue co reported 150000 of net income for 2017

Question - Blue Co. reported $150,000 of net income for 2017. The accountant, in preparing the statement of cash flows, noted the following items occurring during 2017 that might affect cash flows from operating activiti ...

Question - on october 1 nathan4u inc made a 25000 sale on

Question - On October 1, Nathan4U, Inc. made a $25,000 sale on account with the following terms: 1/15, n/30. If the company method to record sales made on credit, how much should be recorded as revenue on October 1?

Question - a married couple received 7200 of social

Question - A married couple received $7,200 of social security benefits. a - Calculate the taxable amount of those benefits if the couple's provisional income is $33,000. b - Calculate the taxable amount of those benefit ...

Question 1 - amber owned and operated a boutique chocolate

Question 1 - Amber owned and operated a boutique chocolate shop in Sydney that she purchased for $240,000 in August 2010. The purchase price consisted of equipment and stock worth $110,000 and the balance being goodwill. ...

Corporate accounting assignment -assessment task - select

Corporate Accounting Assignment - Assessment task - Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then ...

Question - in its first year of existence year 1 willow

Question - In its first year of existence (year 1), Willow Corp. (a C corporation) reports a loss for tax purposes of $50,000. In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of ...

Question - eastern manufacturing is involved with several

Question - Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2018 financial statements are issued on M ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert