Morris Company had the following adjusted trial balance:

Account Titles Debit Credit

Cash $21,460

Accounts Receivable 19,060

Supplies 7,690

Equipment 36,600

Accumulated Depreciation $8,700

Accounts Payable 4,690

Unearned Rent Revenue 2,240

Capital Stock 23,580

Retained Earnings 22,500

Dividends 15,000

Commission Revenue 49,700

Rent Revenue 7,300

Depreciation Expense 5,200

Utilities Expense 8,600

Supplies Expense 5,100

Total $118,710 $118,710

The president of Morris Company has asked you to close the books (prepare and process the closing entries).
Required:

After the closing process has been completed, answer the following questions:

During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i. e., after revenue and expense accounts have been closed to Income Summary)?

$

What is the balance in the Retained Earnings account?

What is the balance in the depreciation expense account?

What is the quantity demanded when the price floor is $0.75 in the market for public transportation? a. 75,000 b. 116,000 c. 0 (zero) d. 100,000 e. 86,000?

Most states have licensing registration requirements for child care centers and family daycare homes. these usually include minimum standard for operation. which of the following would you most likely find required in a statement of state licensing standards for child care centers?

Lavage rapide is a canadian company that owns and operates a large automatic car wash facility near montreal. the following table provides data concerning the company’s costs: fixed cost per month cost per car washed cleaning supplies $ 0.70 electricity $ 1,400 $ 0.07 maintenance $ 0.15 wages and salaries $ 4,900 $ 0.30 depreciation $ 8,300 rent $ 1,900 administrative expenses $ 1,400 $ 0.03 for example, electricity costs are $1,400 per month plus $0.07 per car washed. the company expects to wash 8,000 cars in august and to collect an average of $6.50 per car washed. the actual operating results for august appear below. lavage rapide income statement for the month ended august 31 actual cars washed 8,100 revenue $ 54,100 expenses: cleaning supplies 6,100 electricity 1,930 maintenance 1,440 wages and salaries 7,660 depreciation 8,300 rent 2,100 administrative expenses 1,540 total expense 29,070 net operating income $ 25,030 required: calculate the company's revenue and spending variances for august.