Homework Answers
Net Income
Net Income = Total revenues – Total expenses
= $4,500 - $1,600
= $2,900
Retained earnings on September 01
Retained earnings on September 30 = Retained earnings on September 01 + Net Income – Dividends paid
$9,000 = Retained earnings on September 01 + $2,900 - $1,350
Retained earnings on September 01 = $9,000 - $2,900 + $1,350
Retained earnings on September 01 = $7,450
“Hence, the Retained earnings on September 01 will be $7,450”
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Nash Corporation had net sales of $2,420,000 and interest revenue of $40,900 during 2017. Expenses for...
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(Round earnings per share to 2 decimal places, e.g.
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LiST OF OPTIONS AND ACCOUNTS:
NASH...
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Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
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Cinder Corp provided the following random list of assets, liabilities, equity, revenue and expenses from its...
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A company had retained earnings on 1/1/2018 of $8.5m. During 2018, it paid a dividend of...
A company had retained earnings on 1/1/2018 of $8.5m. During 2018, it paid a dividend of $1.2m that had been declared in 2017 and it also declared a dividend in 2018 for $1.6m, payable in 2019. No other dividends were paid or declared. Net income was $2.3m in 2017 and $3.3m in 2018. In 2019, net income is projected to be $4.2m. Please calculate: a. Retained Earnings 1/1/2017: b. Retained Earnings 12/31/2018:
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was $3,900, expenses paid during the period were $2,050, and dividends paid during the period were $1,450. Based on this Information alone, what was the amount of retained earnings at the beginning of Year 22 At the end of Year 2, retained earnings for the Baker Company was $3,650. Revenue earned by the company in Year 2 Multiple Choice $7,800 $4,050 $1,800 3250
Nash Corporation had net sales of $2,420,000 and interest
revenue of $40,900 during 2017. Expenses for 2017 were cost of
goods sold $1,453,900, administrative expenses $221,800, selling
expenses $296,100, and interest expense $51,900. Nash’s tax rate is
30%. The corporation had 105,200 shares of common stock authorized
and 74,850 shares issued and outstanding during 2017. Prepare a
condensed multiple-step income statement for Nash Corporation.
(Round earnings per share to 2 decimal places, e.g.
1.48.)
LiST OF OPTIONS AND ACCOUNTS:
NASH...
Insurance Expense $ $ Service Revenue 4,500 70,000 1,400 16,000 9,000 7,200 Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 46,000 17,600 1,700 4,800 8,000 12,100 5,100 Year Ended December 31, 2018 Revenues: $ 70,000 Service Revenue Expenses: Salaries Expense Rent Expense Insurance Expense 46,000 16.000 4,500 1,400 Utilities Expense Total Expenses 67,900 2,100 Net Income Centerpiece Arrangements Statement of Retained Earnings Year Ended December 31,...
On January 1, 2020, Grove, Inc.'s Retained earnings had a balance of $5,000. During the year, Grove eamed revenue of $8,000, incurred expenses of $3,400, sold stock to investors for $12,000, purchased land for $6,400, and paid dividends of $800. What is the final balance of Retained earnings at December 31, 2020 once closing entries have been recorded? Numeric Response
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is: Multiple Choice $192,000 $84,800 $368.000 $64,000 $388,800
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