Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report:
GERDES PSYCHOLOGICAL SERVICES, INC.
Income Statement
For the year ended December 31, current year

Revenue:
Counseling revenue $ 320,000
Expenses:
Advertising expense $ 2,000
Salaries expense 94,000
Office supplies
expense 2,600
Utilities expense 1,000
Malpractice insurance
expense 7,000
Office rent expense 29,000
Continuing education
expense 2,200
Depreciation expense:
fixtures 3,500
Miscellaneous
expense 7,000
Income taxes expense 33,000 181,300
Net income $ 138,700

The firm's statement of retained earnings indicates that a $7,000 cash dividend was declared and paid during the current year.

a. Prepare the necessary closing entries on December 31, current year.

b. If the firm's Retained earnings account had a $91,000 balance on January 1, current year, at what amount should Retained earnings be reported in the firm's balance sheet dated December 31, current year

Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.

David paid $975,000 for two beachfront lots in coastal south carolina, with the intention of building residential homes on each. two years later, the south carolina legislature passed the beachfront management act, barring any further development of the coast, including david's lots. when david files a complaint to seek compensation for his property, south carolina refuses, pointing to a passage in david's own complaint that states "the beachfront management act [was] properly and validly designed to south carolina's " is south carolina required to compensate david under the takings clause?

Lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal.