As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after closing balance in the Retained...
Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1. Flowers Company had total assets of $170,000, total liabilities of $51,000, and common stock of $85,000. The company's Year 1 income statement contained revenue of $30,000 and expenses of $18,000. The Year 1 statement of changes in stockholders' equity stated that $2,700 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1....
Excerise 1.23 Exercise 1-23 Retained earnings and the closing process As of December 31, 2018, Flowers Company had total assets of $130,000, total liabilities of $50,000, and common stock of $70,000. The company's 2018 income statement contained revenue of $30,000 and expenses of $18,000. The 2018 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, 2018. b. Determine the after-closing...
As of December 31, Year 1, Moss Company had total cash of $146,000, notes payable of $84,600, and common stock of $51,400. During Year 2, Moss earned $26,000 of cash revenue, paid $15,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under the appropriate...
As of December 31, Year 1, Moss Company had total cash of $146,000, notes payable of $84,600, and common stock of $51,400. During Year 2, Moss earned $26,000 of cash revenue, paid $15,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under t appropriate...
As of December 31, Year 1, Moss Company had total cash of $165,000 notes payable of $86,500, and common stock of $53,300. During Year 2. Moss earned $45,000 of cash revenue, paid $24.500 for cash expenses, and paid a $3.900 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31 Year 1. Rotained earnings nces b.& c. Create an accounting equation and record the beginning account balances, revenue expense and dividend events under...
As of December 31, Year 1, Moss Company had total cash of $166,000, notes payable of $86,600, and common stock of $53,400. During Year 2, Moss eamed $46,000 of cash revenue, paid $25,000 for cash expenses, and paid a $4.000 cash dividend to the stockholders Required a. Determine the amount of retained earnings as of December 31, Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under the appropriate...
As of December 31, Year 1, Moss Company had total cash of $146,000, notes payable of $84,600, and common stock of $51,400. During Year 2, Moss earned $26,000 of cash revenue, paid $15,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under th appropriate...
Check my As of December 31, Year 1, Moss Company had total cash of $166.000, notes payable of $86,600, and common stock of $53.400 During Year 2, Moss earned $46,000 of cash revenue, paid $25,000 for cash expenses, and paid a $4,000 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 1 b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under...