On december 31, 2018, ditka inc. had retained earnings of $272,800 before its closing entries were prepared and posted. during 2018, the company had service revenue of $173,100 and interest revenue of $83,800. the company used supplies in the amount of $90,400, advertising expenses were $16,900, salaries and wages totaled $19,050, and income tax expense was calculated as $14,700. during the year, the company declared and paid dividends of $6,500. prepare the closing entries dated december 31, 2016.

For many years, kellogg's frosted flakes, a ready-to-eat breakfast cereal, was perceived as a cereal for children. tony the tiger, a cartoon character, extolled frosted flakes, and advertisements depicted children enjoying the product with tony in competitive situations. recently, in response to declining sales of frosted flakes, the cereal maker has adopted a new series of advertisements that show adults admitting that they enjoy frosted flakes, too. kellogg's is attempting to

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,500 are payable at the beginning of each year. each is a finance lease for the lessee. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) situation 1 2 3 4 lease term (years) 3 3 3 3 asset’s useful life (years) 3 4 4 6 lessor’s implicit rate (known by lessee) 14 % 14 % 14 % 14 % residual value: guaranteed by lessee 0 $ 5,000 $ 2,500 0 unguaranteed 0 0 $ 2,500 $ 5,000 purchase option: after (years) none 2 3 3 exercise price n/a $ 7,500 $ 1,500 $ 3,500 reasonably certain? n/a no no yes

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in city of heflin bonds. (use the u. s. tax rate schedule.) (do not round intermediate calculations. round your answers to 2 decimal places.)