before closing | after closing | |||||
1- | retained earning = total of assets-total of liabilities-common stock | 20000-6000-10000 | 4000 | before closing balance+revenue-expenses-dividend | 4000+3000-2000-300 | 4700 |
2- | Before closing | after closing | ||||
revenue | 3000 | 0 | ||||
expenses | 2000 | 0 | ||||
dividend | 300 | 0 |
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 $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 Earnings...
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...
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 $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 $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 $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 $159,000, notes payable of $85.900, and common stock of $52,700. During Year 2. Moss earned $39,000 of cash revenue, paid $21,500 for cash expenses, and paid a $3,300 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 1. Retained earnings S 20,400 b.& c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events...
As of December 31, 2018, Moss Company had total cash of $153,000, notes payable of $85,300, and common stock of $52,100. During 2019, Moss earned $33,000 of cash revenue, paid $18,500 for cash expenses, and paid a $2,700 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, 2018. b.&c. Record the beginning account balances, revenue, expense, and dividend events under the appropriate elements of the accounting equation. Complete this question by entering...