XYZ Company completed its second year of operations in Year 2. On January 1 of Year 2, the balance in Retained Earnings was $84,000. During the year, the company declared and paid a dividend of $65,000 to shareholders. The company reported net earnings of $105,000 in its Year 2 Income Statement. What was the balance in Retained Earnings on December 31 of Year 2?

The normal balances in Depreciation Expense and its related Accumulated Depreciation accounts are ______________________.

XYZ Company publishes a monthly sports magazine. The company has fiscal year of Jan-Dec. On July 1 of Year 1, the company sold 1000 two-year subscriptions for $200 each. On December 31 of Year 1, the amount reported as a liability on the Balance Sheet and the amount reported as revenue on the Income Statement are, respectively:

Which of the following is a permanent account?

From the following list of selected account balances, determine the total for the shareholders' equity section of the Balance Sheet for XYZ Company. $2,500 - Investment in Stock of ABC Company $5,000 - Retained Earnings $3,000 - Cash $2,000 - Note Payable to Suppliers $10,000 - Common Stock $7,500 - 8% Preferred Stock

A trial balance that shows revenue and expense accounts with zero balances and balance sheet accounts at the end of the period is called a __________________.

The amount of income tax postponed for payments to future years is called ________________.

Which of the following transactions would NOT result in revenue being reported?

The amount subtracted from the cost of a fixed asset to get the Net Book Value is called the ___________________.

Insurance premiums paid for future coverage are called ______________.