Use the Trial Balance for Spartan Inc to answer the following:
Assuming beginning retained earnings of $0, what is Spartan Inc.'s ending retained earnings?
Group of answer choices
a. 50,500
b. 300,000
c. 70,000
d. 230,000
Homework Answers
| Working Notes: | ||
| Income Statement | ||
| Amount | ||
| Revenues | $ 3,00,000 | |
| Less: Expenses | $ 2,30,000 | |
| Net Income | $ 70,000 | |
| Solution: | ||
| Statement of Retaiend Earnings | ||
| Retained Earnings, Beginning of the Year | $ - | |
| Add : Net Income of the year | $ 70,000 | |
| Total | $ 70,000 | |
| Less: Dividends | $ 19,500 | |
| Retained Earnings, Ending Balance at Year End | $ 50,500 | |
| Answer = Option A = $ 50,500 | ||
Add Answer to:
Use the Trial Balance for Spartan Inc to answer the
following:
Assuming beginning retained earnings of...
Use the Trial Balance (Links to an external site.) for Spartan Inc. to answer the following:...
Use the Trial Balance (Links to an external site.) for Spartan
Inc. to answer the following:
What are Spartan Inc's total liabilities?
Group of answer choices
a. 91,500
b. 50,500
c. 641,500
d. 90,000
1 2 CR 3 $ $ 4 DR 144,000.00 120,000.00 56,000.00 72,000.00 5 S 6 S Spartan Inc. Trial Balance Account # Account Name 101 Cash 111 Accounts Receivable 121 Inventory 131 Equipment 141 Less Accumulated Depreciation 201 Accounts Payable 301 Stock 315 Dividends 401 Revenue...
Use the Trial Balance (Links to an external site.) for Hercules Inc. to answer the following:...
Use the Trial Balance (Links to an external site.) for Hercules
Inc. to answer the following:
What are Total Assets on Hercules' Balance Sheet?
Group of answer choices
a. 0
b. 2,259,000
c. 2,589,000
d. 1,929,000
1 2 Hercules, Inc. Account # 101 3 4 5 111 121 131 6 7 Account Name Cash Accounts Receivable Inventory Equipment Less Accumulated Depreciation Accounts Payable Stock Dividends Revenue Expenses 141 201 301 315 Debit Credit $ 500,000 $ 627,000 $ 82,000 $...
Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial...
Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports: Credits Debits 423,615.00 $ 25,000.00 in your 540.00 3 • Multi-Step Income Statement for the month of January 2021 (see page textbook for guidance). • Statement of Retained Earnings for the month of January 2021 (see page in your textbook for guidance). Note: There are no prior period adjustments and all dividends declared and paid are cash dividends in the amount of $25,000....
Prepare an adjusted trial balance at September 30, 2018. Is the Retained Earnings balance of $99,770...
Prepare an adjusted trial balance at September 30, 2018.
Is the Retained Earnings balance of $99,770 the amount that
would be reported on the balance sheet as of September 30, 2018?
TIP: The company did not declare a dividend during 2018, but it did
earn net income.
Yes
No
Required information [The following information applies to the questions displayed below.] The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30,...
4. Below is the Adjusted Trial Balance as of December 31, 2019. Prepare the four closing...
4. Below is the Adjusted Trial Balance as of December 31, 2019. Prepare the four closing entries for the year end. Account Title Debit Credit Cash 20,000.00 Office Supplies 5,000.00 Prepaid Insurance 4,000.00 Equipment 30,000.00 Accumulated Depreciation - Equip 17,000.00 Accounts Payable 16,000.00 Common Stock 10,000.00 Retained Earnings 2,500.00 Dividends 5,000.00 Consulting Services 90,000.00 Wages Expense 55,000.00 Rent Expense 12,000.00 Utilities Expense 3,000.00 Taxes Expense 1,500.00 Totals $ 135,500.00 $ 135,500.00 Account DR CR Date Dec. 31, 2019
Buckeye Incorporated had the following balances at the beginning of November BUCKEYE INCORPORATED Trial Balance November...
Buckeye Incorporated had the following balances at the beginning of November BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $ 1,700 Accounts Receivable 450 Supplies 550 Equipment 7,900 Accounts Payable $ 1,250 Notes Payable 2,500 Common Stock 5,500 Retained Earnings 1,350 Totals $10,600 $10,600 The following transactions occur in November. November 1 Issue common stock in exchange for $11,500 cash. November 2 Purchase equipment with a long-term note for $2,000 from Spartan Corporation. November 4 Purchase supplies for...
Using Be Prepared, Inc.’s adjusted trial balance and prior period’s balance sheet, prepare the following Financial...
Using Be Prepared, Inc.’s adjusted trial balance and prior
period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2021 Statement
of Retained Earnings for the month of January 2021 Note: There are
no prior period adjustments and all dividends declared and paid are
cash dividends in the amount of $25,000.
W Download Share Accounting Il Practice Set 2020 ACC 112-4W1 Spring (1).docx File Edit Format Tools Help o na 5 Q a Normal...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account...
Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account balances represent the results of entries recorded during the first 11 months of 2020. There have been no stock transactions during the year. Zenith Delivery Company, Inc. Unadjusted Trial Balance November 30, 2020 ACCT# DEBITS CREDITS $ 69,660 4,600 730 1.200 6.500 295.000 $ Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Trucks Accumulated Depreciation Trucks Accounts Payable Interest Payable Wages Payable Unearned...
Use the Trial Balance (Links to an external site.) for Spartan
Inc. to answer the following:
What are Spartan Inc's total liabilities?
Group of answer choices
a. 91,500
b. 50,500
c. 641,500
d. 90,000
1 2 CR 3 $ $ 4 DR 144,000.00 120,000.00 56,000.00 72,000.00 5 S 6 S Spartan Inc. Trial Balance Account # Account Name 101 Cash 111 Accounts Receivable 121 Inventory 131 Equipment 141 Less Accumulated Depreciation 201 Accounts Payable 301 Stock 315 Dividends 401 Revenue...
Use the Trial Balance (Links to an external site.) for Hercules
Inc. to answer the following:
What are Total Assets on Hercules' Balance Sheet?
Group of answer choices
a. 0
b. 2,259,000
c. 2,589,000
d. 1,929,000
1 2 Hercules, Inc. Account # 101 3 4 5 111 121 131 6 7 Account Name Cash Accounts Receivable Inventory Equipment Less Accumulated Depreciation Accounts Payable Stock Dividends Revenue Expenses 141 201 301 315 Debit Credit $ 500,000 $ 627,000 $ 82,000 $...
Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports: Credits Debits 423,615.00 $ 25,000.00 in your 540.00 3 • Multi-Step Income Statement for the month of January 2021 (see page textbook for guidance). • Statement of Retained Earnings for the month of January 2021 (see page in your textbook for guidance). Note: There are no prior period adjustments and all dividends declared and paid are cash dividends in the amount of $25,000....
Prepare an adjusted trial balance at September 30, 2018.
Is the Retained Earnings balance of $99,770 the amount that
would be reported on the balance sheet as of September 30, 2018?
TIP: The company did not declare a dividend during 2018, but it did
earn net income.
Yes
No
Required information [The following information applies to the questions displayed below.] The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30,...
4. Below is the Adjusted Trial Balance as of December 31, 2019. Prepare the four closing entries for the year end. Account Title Debit Credit Cash 20,000.00 Office Supplies 5,000.00 Prepaid Insurance 4,000.00 Equipment 30,000.00 Accumulated Depreciation - Equip 17,000.00 Accounts Payable 16,000.00 Common Stock 10,000.00 Retained Earnings 2,500.00 Dividends 5,000.00 Consulting Services 90,000.00 Wages Expense 55,000.00 Rent Expense 12,000.00 Utilities Expense 3,000.00 Taxes Expense 1,500.00 Totals $ 135,500.00 $ 135,500.00 Account DR CR Date Dec. 31, 2019
Buckeye Incorporated had the following balances at the beginning of November BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $ 1,700 Accounts Receivable 450 Supplies 550 Equipment 7,900 Accounts Payable $ 1,250 Notes Payable 2,500 Common Stock 5,500 Retained Earnings 1,350 Totals $10,600 $10,600 The following transactions occur in November. November 1 Issue common stock in exchange for $11,500 cash. November 2 Purchase equipment with a long-term note for $2,000 from Spartan Corporation. November 4 Purchase supplies for...
Using Be Prepared, Inc.’s adjusted trial balance and prior
period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2021 Statement
of Retained Earnings for the month of January 2021 Note: There are
no prior period adjustments and all dividends declared and paid are
cash dividends in the amount of $25,000.
W Download Share Accounting Il Practice Set 2020 ACC 112-4W1 Spring (1).docx File Edit Format Tools Help o na 5 Q a Normal...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account balances represent the results of entries recorded during the first 11 months of 2020. There have been no stock transactions during the year. Zenith Delivery Company, Inc. Unadjusted Trial Balance November 30, 2020 ACCT# DEBITS CREDITS $ 69,660 4,600 730 1.200 6.500 295.000 $ Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Trucks Accumulated Depreciation Trucks Accounts Payable Interest Payable Wages Payable Unearned...
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