please explain the steps to solveHomework Answers
Step 1: Find Net income (shown in working 1)
Step 2: Find Retained earnings ending balance (shown in working 2)
Step 3: Find Dividends (shown in working 3)
Step 4: Prepare Statement of Retained Earnings (refer answer below)
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please explain the steps to solve
Presented below is information related to Dean Plumley Company. 107,000...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1,...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31,2019 Liabilities, December 31, 2019 Dividends-2019 S23,000 40.00 211,000 85,000 62,000 168,000 80,000 64,000 Instructions 2019 retained earnings statement for Alexis and Ryans Attorneys at Law
Presented below is information related Mary and Lisa, CPAs. Retained earnings, January 1, 20
Presented below is information related Mary and Lisa, CPAs. Retained earnings, January 1, 2020 $23,000 Fees earned 500,000 Rent Expenses---2020 200,000 Insurance Expenses 11,000 Assets, January 1, 2020 85,000 Liabilities, December 31, 2020 80,000 Dividends—2020 64,000 Liabilities, January 1, 2020 62,000 Assets, December 31, 2020 168,000 Prepare the 2020 retained earnings statement for Mary and Lisa, CPAs.
Presented below is information related to Williams and Douglas, Attorneys at Law Ltd. Retained earnings, January...
Presented below is information related to Williams and Douglas, Attorneys at Law Ltd. Retained earnings, January 1, 2017 £34,273 Legal service revenue—2017 340,490 Total expenses—2017 211,799 Assets, January 1, 2017 90,777 Liabilities, January 1, 2017 56,504 Assets, December 31, 2017 163,652 Liabilities, December 31, 2017 109,378 Dividends—2017 108,690 Prepare the 2017 retained earnings statement for William and Douglas, Attorneys at Law Ltd. (List items that increase retained earnings first.)
Presented below is information related to Carter Company. Required: How much issuance of stock did Carter...
Presented below is information related to Carter Company. Required: How much issuance of stock did Carter Company have for the year? Assets, January 1 $ 48,000 Liabilities, January 1 30,000 Assets, December 31 84.000 Liabilities, December 31 54,000 Issuance of stock Revenues 16,700 Expenses 8,500 Dividends 5,500
Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year: Assets January 1...
Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year: Assets January 1 $240,000 Assets December 31 $320,000 Liabilities January 1 $120, 000 Common shares December 31 60,000 Retained earnings December 31 $20,000 Common shares issued during the year 2,000 Dividends declared during the year 32,000 Required 1. Calculate the net income for last year.
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 140,000 Cr. ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation,...
Presented below is information related to Oriole Manufacturing Company as of December 31, 2018: Projected benefit...
Presented below is information related to Oriole Manufacturing Company as of December 31, 2018: Projected benefit obligation $ 1850000 Accumulated OCI -net gain 630000 Accumulated OCI (PSC) 840000 The amount for the prior service cost is related to an increase in benefits. The fair value of the pension plan assets is $1347000. The pension asset / liability reported on the balance sheet at December 31, 2018 is Pension liability of $1850000. Pension liability of $503000. Pension liability of $2690000. Pension...
Presented below is information related to the sole proprietorship of Susan Wilson, attorney.
Presented below is information related to the sole
proprietorship of Susan Wilson, attorney.Legal service revenue—2020$337,000Total expenses—2020207,000Assets, January 1, 202093,000Liabilities, January 1, 202054,000Assets, December 31, 2020170,000Liabilities, December 31, 2020105,000Drawings—2020?Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)SUSAN WILSON, ATTORNEYOwner’s Equity Statement For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020 DrawingsExpensesNet Income /
(Loss)Owner’s Capital, January 1Owner’s Capital, December
31RevenuesTotal ExpensesTotal RevenuesInvestments$ AddLess: DrawingsExpensesNet Income /...
Presented below is information related to Cramer, Inc. Comment on the appropriateness of the accounting procedures...
Presented below is information related to Cramer, Inc. Comment on the appropriateness of the accounting procedures followed by Cramer, Inc. (a) Depreciation expense on the building for the year was $60,000. Because the building was increasing in value during the year, the controller decided to charge the depreciation expense to retained earnings instead of to net income. The following entry is recorded. Retained Earnings 60,000 Accumulated Depreciation—Buildings 60,000 (b) Materials were purchased on January 1, 2017, for $120,000 and this...
Presented below is information related to Viel Company at December 31, 2020. Sales revenuex Cost of...
Presented below is information related to Viel Company at December 31, 2020. Sales revenuex Cost of goods sold General and administrative expensesx Gain on life insurance proceeds Loss on sale of securities: Loss-on-impairment of property, plant, and equipment: Income tax expensex Income allocation-tonon-controlling interest Common dividends declared Preferred dividends declared and paid Unrealized loss on available-for-sale debt investments (33.33% effective tax rate) Retained earnings, January 1 Common stock, January 1 Paid-in-capital in excess of par value, January 18 Accumulated other...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31,2019 Liabilities, December 31, 2019 Dividends-2019 S23,000 40.00 211,000 85,000 62,000 168,000 80,000 64,000 Instructions 2019 retained earnings statement for Alexis and Ryans Attorneys at Law
Presented below is information related to Carter Company. Required: How much issuance of stock did Carter Company have for the year? Assets, January 1 $ 48,000 Liabilities, January 1 30,000 Assets, December 31 84.000 Liabilities, December 31 54,000 Issuance of stock Revenues 16,700 Expenses 8,500 Dividends 5,500
Presented below is information related to the sole
proprietorship of Susan Wilson, attorney.Legal service revenue—2020$337,000Total expenses—2020207,000Assets, January 1, 202093,000Liabilities, January 1, 202054,000Assets, December 31, 2020170,000Liabilities, December 31, 2020105,000Drawings—2020?Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)SUSAN WILSON, ATTORNEYOwner’s Equity Statement For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020 DrawingsExpensesNet Income /
(Loss)Owner’s Capital, January 1Owner’s Capital, December
31RevenuesTotal ExpensesTotal RevenuesInvestments$ AddLess: DrawingsExpensesNet Income /...
Presented below is information related to Viel Company at December 31, 2020. Sales revenuex Cost of goods sold General and administrative expensesx Gain on life insurance proceeds Loss on sale of securities: Loss-on-impairment of property, plant, and equipment: Income tax expensex Income allocation-tonon-controlling interest Common dividends declared Preferred dividends declared and paid Unrealized loss on available-for-sale debt investments (33.33% effective tax rate) Retained earnings, January 1 Common stock, January 1 Paid-in-capital in excess of par value, January 18 Accumulated other...
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