Homework Answers
Retained Earnings = Opening balance + Net income - Dividend
Net Income = Revenue - Expense
= 55,000 - Rent Expense - Salary Expense
= $ 55,000 - $ 23,000 - $ 18,000
= $ 14,000
Retained Earnings = 14,000 - 3,000 = $ 11,000
Answer is $ 11,000
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Assume a company commenced operations on January 1, 2019. Its accounting records showed the following account...
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Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
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Patent $21,000
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Amazing Company began operations on January 1, 2015, and is now
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Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
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JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
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