Solutions:
Exercise 4-5
Assets | = | Liabilities | + | Shareholders Equity | |||||||||||||||
Transaction | + | Accounts | + | Merchandise | + | Equipment | Notes | + | Accounts | + | Paid - in- | + | Retained | + | Revenue | - | Expenses | ||
Cash | Receivables | Inventory | Payable | Payable | Capital | Earnings | |||||||||||||
a. | 7900 | 7900 | |||||||||||||||||
b. | 5400 | 5400 | |||||||||||||||||
c. | -1600 | 1600 | |||||||||||||||||
d. | -1500 | 1500 | |||||||||||||||||
e. | -8800 | 15800 | 7000 | ||||||||||||||||
f. | 6000 | -4000 | 6000 | 4000 | |||||||||||||||
g | 140 | 140 | |||||||||||||||||
h. | -1200 | 4250 | 3050 | ||||||||||||||||
i. | 3000 | 10000 | -9200 | 13000 | 9200 | ||||||||||||||
j. | 1900 | 1900 | |||||||||||||||||
k. | 3500 | -3500 | |||||||||||||||||
l | -4800 | -4800 |
Exercise 2-11
Retained Earnings | |
Retained Earnings, Jan 01, 2016 | 305300 |
Less : Net Loss | -4950 |
300350 | |
Less: Dividends | -17000 |
Retained Earnings, Dec 31, 2016 | 283350 |
how do i calculate the retained earnings? to meducation.com/hmt? 09012915692970285 1581948017683 Exercise 4-5 Record transactions and...
calculate retained earnings Exercise 2-11 Calculate retained earnings LO 2,3 Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Not loss for the year ended December 31, 2016 Dividends declared and paid in 2016 Decrease in cash balance from January 1, 2016, to December 31, 2016 Decrease in long-term debt in 2016 $ 305,300 41,000 4.950 17,000 11,600 15.900 Required: From the above data, calculate the retained earnings balance as of December 31, 2016. (Deductible amounts should be...
Exercise 4-5 (Static) Record transactions and calculate financial statement amounts LO 2, 6, 7 The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $16,000. b. The firm borrowed $10,000 from the bank, a short-term note was signed. c. Display cases and other store equipment costing $3,500 were purchased for cash. The original list price of the equipment was $3,800, but...
Exercise 4-7 (Static) Write Journal entries LO 6 The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow, a. The firm was organized and the stockholders invested cash of $16,000. b. The firm borrowed $10,000 from the bank: a short-term note was signed. c. Display cases and other store equipment costing $3.500 were purchased for cash. The original list price of the equipment was $3,800, but a discount was received because the...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8.900. b. The firm borrowed $4,700 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,940, but a discount was received because the seller was having a sale. d. A store...
Record transactions and calculate financial statement amounts The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. Prepare an answer sheet with the columns shown. Record each transaction in the appropriate columns of your answer sheet. Show the amounts involved and indicate how each account is affected (+ or -). After all transactions have been recorded, calculate the total assets, liabilities, and stockholders' equity at the end of the month...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,100. b. The firm borrowed $5,300 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,700 were purchased for cash. The original list price of the equipment was $1,980, but a discount was received because the seller was having a sale. d. A store...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,100. b. The firm borrowed $5,300 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,700 were purchased for cash. The original list price of the equipment was $1,980, but a discount was received because the seller was having a sale. d. A store...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. The firm was organized and the stockholders invested cash of $7,300. The firm borrowed $5,200 from the bank; a short-term note was signed. Display cases and other store equipment costing $1,550 were purchased for cash. The original list price of the equipment was $1,970, but a discount was received because the seller was having a sale. A store location was rented, and...
ACCOUNTING HELP ASAP! Retained earnings, December 31, 2015 Cost of equipment purchased during 2016 Net loss for the year ended December 31, 2016 Dividends declared and paid in 2016 Decrease in cash balance from January 1, 2016, to December 31, 2016 Decrease in long-term debt in 2016 $ 305,700 39,000 4.500 14200 11.100 16,900 Required: From the above data, calculate the retained earnings balance as of December 31, 2016. (Deductible amounts should be indicated by a minus sign Statement of...
The following are the transactions relating to the formation of Gray Mowing Services Inc and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $420. b. The company borrowed $630 from a relative of one of the initial stockholders; a short-term note was signed. c. Two zero turn lawn mowers costing $336 each and a professional trimmer costing $91 were purchased for cash. The original list price of each mower was $427,...