As of December 31, 2019, Armani Company's financial records show the following items and amounts.
As of December 31, 2019, Armani Company's financial records show the following items and amounts.
Required: Prepare a year-end statement of retained earnings for Armani Company.
ARMANI COMPANY Statement of Retained Earnings For Year Ended December 31, 2019
Homework Answers
Answer:
| ARMANI COMPANY | |
| Statement of Retained Earnings | |
| For Year Ended December 31,2019 | |
| Retained earnings, Dec.31,2018 | $3,000 |
| Add: Net income* | $15,000 |
| $18,000 | |
| (Less): Dividends | ($13,000) |
| Retained earnings, Dec.31,2019 | $5,000 |
*Calculations:
| Income Statement | ||
| Revenues: | ||
| Consulting revenue | $33,000 | |
| Rental revenue | $22,000 | |
| Total Revenues | $55,000 | |
| Less: Expenses | ||
| Salaries expense | $20,000 | |
| Rent expense | $12,000 | |
| Selling and administrative expense | $8,000 | |
| Total expenses | $40,000 | |
| Net income | $15,000 | |
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As of December 31, 2019, Armani Company's financial records show the following items and amounts.
As of December 31, 2019, Armani Company's financial records show the following items and amounts.
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show the following items and amounts. prepare a year end statement
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As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash $11,100 10,100 7,100 6,100 9,300 18,000 5,100 7,100 14,100 35,200 24,200 21,100 13,100 9,100 Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec.31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent...
Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. 14.10 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earninge, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salarios expense Rent expense Selling and administrative expensos $10,900 9.900 6,900 5,900 12,800 14,900 3.900 5.900 13,900 34,800 23,800 20,900 12.900 8,900 Required: Prepare the 2019 year-end income statement for Armani Company. ARMANI COMPANY Income Statement For Year...
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the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,900 10,900 7,900 6,900 15,700 14,000 5,900 7,900 14,900 36,800 25,800 21,900 13,900 9,900 Required: Prepare a yearend...
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As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,100 10,100 7,100 6,100 9,300 18,000 5,100 7,100 14,100 35,200 24,200 21,100 13,100 9,100 Required: Prepare the 2017...
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