Maurice Tutor

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Expertise:
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Jul 2017 My Price 15.00

risk management services

Ferraro Consulting provides risk management services to individuals and to corporate clients. The company closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report:

 

FERRARO CONSULTING INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2011

Revenue:

 

 

Consulting revenue—individual clients   . . . . . . . . . . . . . . . . . . . . .

 

$  40,000

Consulting revenue—corporate clients   . . . . . . . . . . . . . . . . . . . . .

 

  160,000

 

 

$200,000

Expenses:

 

 

Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 16,000

 

Depreciation expense: computers  . . . . . . . . . . . . . . . . . . . . . . . . .

24,000

 

Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,600

 

Office supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,400

 

Travel expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57,800

 

Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,300

 

Telephone and Internet expense  . . . . . . . . . . . . . . . . . . . . . . . . . .

1,900

 

Salaries expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

155,500

 

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2,500

  275,000

Net loss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$ (75,000)

 

 

 

 

 

 

Di
 

The firm’s statement of retained earnings indicates that a $25,000 cash dividend was declared and paid in 2011.

 

a.       Prepare the necessary closing entries on December 31, 2011.

b.       If the firm’s Retained Earnings account had a $300,000 balance on January 1, 2011, at what amount should Retained Earnings be reported in the firm’s balance sheet dated December 31, 2011?

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 11:07 PM My Price 15.00

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