74.Refer to the information above. Net income for the period equals:
A. $18,375.
B. $11,000.
C. $5,800.
D. $11,250.
75.Refer to the information above. After closing the accounts, Retained Earnings at December 31 equals:
A. $11,000.
B. $7,250.
C. Zero.
D. $22,250.
76.Refer to the information above. The total debits in the After-Closing Trial Balance will equal:
A. $25,375.
B. $29,125.
C. $40,875.
D. $18,125.
77.Refer to the information above. Income Summary will have what balance before it is closed?
A. Zero.
B. $11,750.
C. $7,250.
D. $11,000.
78.Refer to the information above. The entry to close the Service Fees Earned account will:
A. Produce a zero balance in that account when posted.
B. Include a debit to Income Summary.
C. Include a credit to Service Fees Earned.
D. Include a debit to Capital Stock.
79.Refer to the information above. The entry to close Depreciation Expense account will:
A. Transfer the balance of Depreciation Expense directly to Retained Earnings.
B. Include a debit to Income Summary.
C. Include a debit to Depreciation Expense.
D. Include a credit to Capital Stock.
80.Refer to the information above. Net income for the period equals:
A. $20,960.
B. $16,640.
C. $21,920.
D. $23,360.
81.Refer to the information above. After closing the accounts, Retained Earnings at December 31 equals:
A. Zero.
B. $18,400.
C. $19,360.
D. $16,640.
82.Refer to the information above. The total debits in the After Closing-Trial Balance will equal:
A. $23,360.
B. $28,640.
C. $22,400.
D. $6,720.
83.Refer to the information above. Income Summary will have what balance before it is closed?
A. $28,640.
B. $15,600.
C. $21,920.
D. $16,640.