Homework Answers
Answer:
| Diamond Corporation | |||
| Statement of stockholders' Equity | |||
| For the year ended December 31,2021 | |||
| Common stock | Retained Earnings | Total Stockholders' Equity | |
| Balance, January 1,2021 | $21,000 | $8,000 | $29,000 |
| Issuance of common stock | $0 | ||
| Net income* | $10,000 | ||
| Dividends | ($2,000) | ||
| Balance, December 31,2021 | $21,000 | $16,000 | $29,000 |
Explanations:
In the adjusted trial balance, Common stock account has a 'Ending balance' and Retained earnings account has a 'Beginning balance'.
*Income Statement:
| Income Statement | ||
| Revenues: | ||
| Service revenue | $30,000 | |
| Expenses: | ||
| Salaries expense | $13,000 | |
| Utilities expense | $7,000 | |
| Total expenses | $20,000 | |
| Net income | $10,000 | |
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Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
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46,000
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360,000
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3,600
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$
736,800
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Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
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160,000
Retained Earnings
46,000
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360,000
Salaries Expense
260,000
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13,000
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26,000
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3,600
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