Table 13-9
Following Is the JenWu Corporation December 31, 2017

question 37

Multiple Choice

Table 13-9
Following is the JenWu Corporation December 31, 2017 shareholders' equity section of the balance sheet, prior to the closing entries:
$$\begin{array} { | l | r | } \hline \text { Contributed capital: } & \\\hline \text { Preferred shares, cumulative, } \$ 5.00,6,000 \text { shares outstanding, } & \\\hline \text { liquidation value } \$ 42 \text { per share } & \$ 220,000 \\\hline \text { Common shares, } 30,000 \text { shares outstanding } & 500,000 \\\hline \text { Retained earnings/(deficit) } & ( 240,000 ) \\\hline\end{array}$$ Note: No dividends were declared in 2015 or 2016. The net income for 2017 was $260,000.
-Referring to Table 13-9,what is the journal entry to close the Income Summary account?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Dr. Retained Earnings } & 260,000 & \\
• \hline \text { Cr. Income Summary } & & 260,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Dr. Retained Earnings } & 350,000 & \\
• \hline \text { Cr. Preferred Dividend Payable } & & 90,000 \\
• \hline \text { Cr. Income Summary } & & 260,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Dr. Income Earnings } & 260,000 & \\
• \hline \text { Cr. Retained Earnings } & & 260,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Dr. Income Summary } & 260,000 & \\
• \hline \text { Cr. Preferred Dividend Expense } & & 90,000 \\
• \hline \text { Cr. Retained Earnings } & & 170,000 \\
• \hline
• \end{array}\]

Understand the contrast and similarities between transactional and transformational leadership models.

Comprehend the characteristics and behaviors exhibited by narcissistic charismatic leaders.

Analyze the impact of leading by example on organizational commitment and optimism.

Explore the relationship between charismatic leadership and crisis situations.

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Definitions:

Diverse Families

Families that include members from varying racial, ethnic, socioeconomic, and cultural backgrounds, reflecting a wide range of experiences and perspectives.

Newly Immigrated Families

Households that have recently moved to a new country and are in the process of adapting to a new culture, language, and environment.

Actively Engaged

Participation in an activity or task with full attention, involvement, and interest.

Education

The systematic process of facilitating learning, acquiring knowledge, skills, values, beliefs, and habits through various means such as teaching, training, storytelling, discussion, and research.