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Swanson Company_Basic Accounting




Question;The following information;was drawn from the accounting records of Swanson Company as of December 31;2013, before the temporary accounts had been closed. The Cash balance was;$3,350, and Notes Payable amounted to $22,900. The company had revenues of;$3,640 and expenses of $2,130. The company?s Land account had a $6,000 balance.;Dividends amounted to $700. There was $1,400 of common stock issued.;Required;a.;Identify which;accounts would be classified as permanent and which accounts would be;classified as temporary.;Cash;(Click to select);Temporary;Permanent;Notes Payable;(Click to select);Temporary;Permanent;Revenue;(Click to select);Permanent;Temporary;Expenses;(Click to select);Permanent;Temporary;Land;(Click to select);Temporary;Permanent;Dividends;(Click to select);Permanent;Temporary;Common Stock;(Click to select);Temporary;Permanent;Retained Earnings;(Click to select);Permanent;Temporary;b.;Assuming that;Swanson?s beginning balance (as of January 1, 2013) in the Retained;Earnings account was $3,300;determine its balance after the temporary;accounts were closed at the end of 2013.;Ending Retained Earnings;$;c.;What amount of;net income would Swanson Company report on its 2013 income statement?;Net Income;$


Paper#37251 | Written in 18-Jul-2015

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