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The firm’s statement of retained earnings indicates that a $6,000 cash dividend was declared and paid during 2011.
(a) Prepare the necessary closing entries on December 31, 2011.
(b) If the firm’s Retained Earnings account had a $92,000 balance on January 1, 2011, at what amount should Retained Earnings be reported in the firm’s balance sheet dated December 31,2011?
(2) Listed below are nine technical terms used in this chapter:
Liquidity Nominal accounts Real accounts
Adequate disclosure After closing trial balance Closing entries
Income summary Interim financial statement Dividends
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Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not describe any of the items.
a. The accounting principle intended to assist users in interpreting financial statements.
b. A term used to describe a company’s ability to pay its obligations as they come due.
c. A term used in reference to accounts that are closed at year-end.
d. A term used in reference to accounts that are not closed at year-end
e. A document prepared to assist management in detecting whether any errors occurred in posting the closing entries.
f. A policy decision by a corporation to distribute a portion of its income to stockholders.
g. The process by which the retained earnings account is updated a year-end.
h. Entries made during the accounting period to period to correct errors in the original recording of complex transactions.
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