Homework Answers
Ending Retained Earnings Balance = beginning Retained Earnings + Net income -Dividends
Year 1 = Ending Retained Earnings = 0+50,000-10,000 = 40,000 (Answer)
Year 2= Enging Retained Earnings = 40,000+85,000-50,000= 75,000(Answer)
Year 3= Ending Retained Earnings = 75,000+145,000-100,000 = 120,000(Answer)
Answers: Retained Earnings
20) $40,000
21) $75,000
22) $120,000
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I need help with 20-22
Use the following to answer questions 20 – 22 Determine ending...
I need help with 15 - 19 Use the following to answer questions 15 - 19...
I need help with 15 - 19
Use the following to answer questions 15 - 19 TM, Inc., had the following account balances at the end of December: Accounts Dividends Supplies Accounts payable Common stock Cash Utilities expense Salaries expense Service revenue Beginning Retained earnings Equipment Balances $150,000 5,000 30,000 400,000 60,000 6,000 345,000 520,000 145,000 15. $ _What were total expenses for the year? 16. Ś Calculate their net income for the year. 17. Ś Calculate their ending balance...
I need help with 27-29 Use the following to answer questions 27-29 The Company had the...
I need help with 27-29
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for 20A - 20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). The Company (in Millions) Ending Retained Year Net Income or (Loss) Dividends Earnings 20A $1.25 $0.00 $1.25 20B $1.90 $1.00 20C ($0.50) $0.50 20D $2.21 $1.00
I need help with 11-14 Use the following to answer questions 11 - 14 TR Corp...
I need help with 11-14
Use the following to answer questions 11 - 14 TR Corp reports the following amounts at the end of the year: Common stock Expenses Assets Revenues Dividends $300,000 250,000 900,000 395,000 100,000 425,000 Liabilities Calculate net income. Calculate stockholders' equity at the end of the period. Calculate ending retained earnings: 14. $_ - _Calculate beginning retained earnings:
I need help with 23-28 Use the following to answer questions 23 - 28 On-the-Go Foods...
I need help with 23-28
Use the following to answer questions 23 - 28 On-the-Go Foods provides food delivery services to construction sites. At the end of the year, the company reports the following amounts: Cash Food trucks Maintenance expense Note payable Service revenue Food expense $30,000 300,000 33,000 150,000 650,000 300,000 Accounts payable Garage/Office Salaries expense Salaries payable Paper supplies used Paper supplies $12,000 734,000 175,000 15,000 4,500 500 In addition, the company had common stock of $500,000 at...
hi I need help with these questions... thanks DONAVAN, INC. Balance Sheet Liabilities and Stockholders' Equity...
hi I need help with these
questions... thanks
DONAVAN, INC. Balance Sheet Liabilities and Stockholders' Equity Liabilities Assets Cash Inventory Buildings Total assets $ 7,000 10,000 45,000 $62,000 Accounts payable $ 5,000 Stockholders' equity Common stoc Retained earnings Total liabilities and stockholders' equity $62,000 Income Statement $85,000 Revenues Cost of goods sold Salaries and wages expense Net income 10,000 $ (d) Retained Earnings Statement Beginning retained earnings Add: Net income Less: Dividends $12,000 5,000 $27,000 Ending retained earnings Instructions Calculate...
I need to find: A) the ending balance in Retained Earnings as of Dec 31, Year...
I need to find: A) the ending balance in Retained Earnings as of Dec 31, Year 4 B) The beginning balance in Retained Earnings as of Jan 1st, Year 4 Current Assets $900,000 Current Liabilities $400,000 Fixed Assets, Net $600,000 Investments $100,000 Long-Term Debt $500,00 Dividends Declared on Common Stock during the Year $50,000 Income Summary (income) $225,000 Retained Earnings, January 1, Year 4-? Common Stock $150,000 Premium on Common Stock $250,000 Thank you for your help
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses...
I need help with 28-31 Use the following to answer questions 28 - 35 TR Corporation...
I need help with 28-31
Use the following to answer questions 28 - 35 TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 500,000 Cash Accounts receivable Supplies Prepaid expenses | Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense...
I need help with 34-39 Use the following to answer questions 34 - 36 The year-end...
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it...
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it paid dividends of $25,000 and had net income of $75,000. It also had other comprehensive income (foreign currency gain) of $10,000. What was beginning retained earnings? $50,000 O $150,000 $40,000 $ 140,000
I need help with 15 - 19
Use the following to answer questions 15 - 19 TM, Inc., had the following account balances at the end of December: Accounts Dividends Supplies Accounts payable Common stock Cash Utilities expense Salaries expense Service revenue Beginning Retained earnings Equipment Balances $150,000 5,000 30,000 400,000 60,000 6,000 345,000 520,000 145,000 15. $ _What were total expenses for the year? 16. Ś Calculate their net income for the year. 17. Ś Calculate their ending balance...
I need help with 27-29
Use the following to answer questions 27-29 The Company had the following Net Income (Loss) for 20A - 20D (the first four years of operations). Determine their Ending Retained Earnings amount for each year. (Keep your answer "in millions" like the example). The Company (in Millions) Ending Retained Year Net Income or (Loss) Dividends Earnings 20A $1.25 $0.00 $1.25 20B $1.90 $1.00 20C ($0.50) $0.50 20D $2.21 $1.00
I need help with 11-14
Use the following to answer questions 11 - 14 TR Corp reports the following amounts at the end of the year: Common stock Expenses Assets Revenues Dividends $300,000 250,000 900,000 395,000 100,000 425,000 Liabilities Calculate net income. Calculate stockholders' equity at the end of the period. Calculate ending retained earnings: 14. $_ - _Calculate beginning retained earnings:
I need help with 23-28
Use the following to answer questions 23 - 28 On-the-Go Foods provides food delivery services to construction sites. At the end of the year, the company reports the following amounts: Cash Food trucks Maintenance expense Note payable Service revenue Food expense $30,000 300,000 33,000 150,000 650,000 300,000 Accounts payable Garage/Office Salaries expense Salaries payable Paper supplies used Paper supplies $12,000 734,000 175,000 15,000 4,500 500 In addition, the company had common stock of $500,000 at...
hi I need help with these
questions... thanks
DONAVAN, INC. Balance Sheet Liabilities and Stockholders' Equity Liabilities Assets Cash Inventory Buildings Total assets $ 7,000 10,000 45,000 $62,000 Accounts payable $ 5,000 Stockholders' equity Common stoc Retained earnings Total liabilities and stockholders' equity $62,000 Income Statement $85,000 Revenues Cost of goods sold Salaries and wages expense Net income 10,000 $ (d) Retained Earnings Statement Beginning retained earnings Add: Net income Less: Dividends $12,000 5,000 $27,000 Ending retained earnings Instructions Calculate...
Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses...
I need help with 28-31
Use the following to answer questions 28 - 35 TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 500,000 Cash Accounts receivable Supplies Prepaid expenses | Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense...
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...
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