Company declared and paid dividends

Assignment Help Accounting Basics
Reference no: EM131038964

On December 31, 2016, Ditka Inc. had Retained Earnings of $269,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $170,100 and interest revenue of $82,300. The company used supplies in the amount of $88,900, advertising expenses were $16,600, salaries and wages totaled $18,600, and income tax expense was calculated as $14,100. During the year, the company declared and paid dividends of $6,200. Required: a. Prepare the closing entries dated December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Reference no: EM131038964

Questions Cloud

Ending inventory using the average periodic method : The following information comes from CROW Inc.'s inventory records: Purchase date Units Cost per unit Sale date Units sold Beginning inventory 40 $12 Jan 2 150 $10 Jan 10 125 Jan 12 100 $8 Jan 15 100 Jan 20 100 $5 Jan 31 50 Required: Determine End..
Make a preliminary disaster management plan : Create a security plan that includes authentication and authorization with appropriate general policies and procedures. Consider the use of roles, stored procedures, views, and other tools.
Question regarding the flooding for a network : Write a program in a programming language of your choice to simulate routing using flooding for a network of your choice with at least ten nodes (different from the example in the lecture notes).
What will be the break-even point in terms of sales dollars : If the sales mix is changed to 60,000 units of the school model and 20,000 units of the hiker model, what will be the break-even point in terms of sales dollars?
Company declared and paid dividends : On December 31, 2016, Ditka Inc. had Retained Earnings of $269,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $170,100 and interest revenue of $82,300. The company used supplies in the amou..
Types of wireless attacks : Create a spreadsheet using MS Excel or another spreadsheet software that lists the types of wireless attacks, how they are carried out, and what is the best way to guard against them.
Importance of standards in networking technology : Discuss the importance of standards in networking technology and in communications in general. Evaluate how standards have helped to shape commonly used devices such as cellular phones or mobile devices.
Cash flow to stockholders : olbeat Corp. shows the following information on its 2015 income statement: sales = $251,000; costs = $156,000; other expenses = $7,900; depreciation expense = $18,400; interest expense = $14,400; taxes = $19,005; dividends = $11,500. In addition, ..
Class contains private data fields for starttime : Design a class named Clock. You should use your IDE for this exercise. The class contains private data fields for startTime and stopTime, a no argument constructor that initializes the start Time

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  What are the two types of audit tests what are some

what are the two types of audit tests? what are some examples of each of these two types of tests? how will the auditor

  Ken elects to use the foreign-earned income exclusion

Ken resided in Ireland from July 1, 2011, through June 30, 2012, visiting relatives. While he was there he earned $35,000 working in his cousin's pub.

  Hewitt companys output for the current period yields a

hewitt companys output for the current period yields a 30000 favorable overhead volume variance and a 50400 unfavorable

  Harwell company manufactures automobile tires

Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on August 15, 2011.

  Rose company had no short term investments prior

Rose Company had no short  term investments prior to year 2013. It had the following transactions involving short term investments in available for sale securities during 2013.

  How do ethics codes apply to project selection

How do ethics codes apply to project selection and capital budgeting? What are the potential risks to a company of unethical behaviors by employees? What are potential risks to the public and to stakeholders? Please explain how Saint Leo's core value..

  How do you compute a retained earnings statement when there

how do you compute a retained earnings statement when there are question marks shown for the cash and retained earnings

  During 2012 and 2013 supplies inc drove the truck 15000 and

during 2012 and 2013 supplies inc. drove the truck 15000 and 22000 miles respectively to deliver merchandise to its

  A gold mine has just completed mining waste pre-strip prior

a gold mine has just completed mining waste pre-strip prior to commencing grade control mining. the waste rock was

  The primary purpose of the statement of cash flows

Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?

  For each of the following independent situations indicate

for each of the following independent situations indicate the type of financial statement audit report that you would

  Internal controls differences

What is the difference between a general control and an application control? What internal controls can be implemented using information systems to safeguard an organization's electronic assets?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd