Calculate following
Year | Net income | Retained earnings | |
a | 2018 | 29000-15500 = 13500 | 13500 |
2019 | 39000-18500 = 20500 | 13500+20500 = 34000 | |
2020 | 49000-26500 = 22500 | 34000+22500 = 56500 | |
c | 2018 | 13500 | 13500 |
2019 | 20500 | 34000-7250 = 26750 | |
2020 | 22500 | 26750+22500 = 49250 | |
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020 2018 2019 2020 Cash Revenues $18,000 $28.000 $38.000 Cash Expenses $10,000 $13,000 $21.000 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? C. Assume that Sammy's Pizza paid a $4,500 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings...
Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020 ash Revenues Cash Expenses 2819 512,098 2019 $22,8ee 2018 7,808 1e,eee $18,e0 2.8 2828 $32,888 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? c. Assume that Sammy's Pizza paid a $3,000 dividend to stockholders in 2019 What would Sammy's Pizza report for net income and...
Sammy's Pizza opened on January 1, 2018 Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Ravens $17.000 $27,000 $37,000 Caah penses $9.500 $12,500 $20,500 Required a. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020? C. Assume that Sammy's Pizza palda $4,250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings for...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,007 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $24,960 cash per year. Required a. Prepare an amortization schedule for the...
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period Acquired $69,000 cash from the issue of common stock. Purchased $3,000 of supplies on account. Purchased land that cost $36,000 cash. Paid $3,000 cash to settle accounts payable created in Event 2. Recognized revenue on account of $60,000. Paid $30,000 cash for other operating expenses. Collected $47,000 cash from accounts receivable. Information for 2018 Adjusting Entries Recognized accrued salaries of $4,100 on December 31, 2018....
Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2021 2020 2019 Balance at beginning of year $ 7,182,952 $ 5,826,052 $ 6,004,552 Net income (loss) 3,588,700 2,480,900 (178,500 ) Deductions: Stock dividend (39,000 shares) 273,000 Common shares retired (138,000 shares) 276,000 Common stock cash dividends 989,950 848,000 0 Balance at end of year $ 9,508,702 $ 7,182,952 $ 5,826,052...
Blooming Flower Company was started in 2018 when it acquired $61,200 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 2018 $23,500 27,100 11,600 5,350 2019 $11,600 30,600 17,500 8,100 2020 $19,000 36,800 19,900 9,850 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record...
Pizza Express Inc. began the 2018 accounting period with $7,500 cash, $4,500 of common stock, and $3.000 of retained earnings. Pizza Express was affected by the following accounting events during 2018 1. Purchased $12.500 of supplies on account 2. Earned and collected $27,000 of cash revenue 3. Paid $11,000 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,600 of supplies was still on hand on December 31, 2018 Required...
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Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information...
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CARLA VISTA COMPANY Balance Sheets December 31 Assets 2019 2018 Cash $ 70,000 $ 67,000 Debt investments (short-term) 51,000 41,000 Accounts receivable 104,000 90,000 Inventory 230,000 164,000 Prepaid expenses 22,000 23,000 Land 133,000 133,000 Building and equipment (net) 262,000 185,000 Total assets $872,000 $703,000 Liabilities and Stockholders' Equity Notes payable $172,000 $102,000 Accounts payable 66,000 51,000 Accrued liabilities 39,000 39,000 Bonds payable, due 2022 249,000 169,000 Common stock, $10 par 210,000 210,000 Retained earnings 136,000...