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Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The...

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Fick 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. FICK PSYCHOLOGICAL SERVICES, INC. Income Statement For the year ended December 31, current year Revenue: Counseling revenue $ 370, eee Expenses: Advertising expense $ 1,700 Salaries expense 96,000 Office supplies expense 1,400 Utilities expense 900 Malpractice insurance expense 5,000 office rent expense 28,800 Continuing education expense 2,250 Depreciation expenser fixtures 5,000 Miscellaneous expense 7,000 Income taxes expense 25,000 172,250 Net Income $ 197,750 Fick'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 of the current year. b. If Fick's Retained earnings account had a $92,000 balance on at the beginning of the current year, at what amount should retained Earnings be reported in the firm's year-end balance sheet dated December 317 Complete this question by entering your answers in the tabs below

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