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At the beginning of January of the current year,Big Morey’s Catering ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Morey $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

At the beginning of January of the current year,Big Morey’s Catering ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Morey $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

At the beginning of the year, a company’s balance sheet reported the following balances: Total Assets = $225,000; Total Liabilities = $25,000; Total Paid-in capital of $100,000; and Retained earnings = $100,000. During the year, the company reported revenues of $46,000 and expenses of $30,000. In addition, dividends for the year totaled $20,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be:

Based on the following information from Sicard Company’s balance sheet, calculate the current ratio.        Current assets $ 87,000 Investments   50,000 Plant assets   220,000 Current liabilities   39,000 Long-term liabilities   90,000 Retained earnings   228,000

On January 1, Roberts Company purchases manufacturing equipment costing $95,000 that is expected to have a five-year life and an estimated salvage value of $5,000. Roberts uses the straight-line depreciation method to allocate costs, and only prepares adjustments at year-end. The adjusting entry needed on December 31 of the first year is:

On January 1 of Year 1, Boing Airlines issued $3,500,000 of 7% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,197,389 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $10,087 every six months. After accruing interest at year end, the company’s December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of:

Cash investments by stockholders are listed on which of the following statement(s)?

On December 1, United Insurance Company borrowed $50,000 at a 6.0% interest rate from Omaha Mutual Bank. The note payable plus interest will not be paid until April 1 of the following year. The company’s annual accounting period ends on December 31 and adjustments are only made at year-end. The adjusting entry needed on December 31 is:

Technology:

A company paid Jennifer Hemkens, its sole stockholder, a total of $35,000 in dividends during the current year. The entry needed to close the dividends account is: