a. Retained earnings as of December 31, year 01
Let retained earnings be "X"
Cash = Notes payable +Common stock +retained earnings
$1,46,000 = $84,600+$51,400+ X
X = $1,46,000- $1,36,000
X= $10,000
b&c.Creation of an accounting equation Negatives in ()
MOSS COMPANY | |||||||
Effect of year 2 transaction on the accounting equation | |||||||
Event | Assets | = | Liabilities | + | Stockholder Equity | ||
Cash | = | Notes payable | + | Common stock | + | Retained earnings | |
Beginning Balances | $1,46,000 | = | $84,600 | + | $51,400 | + | $10,000 |
Earned revenue | $26,000 | = | 0 | + | 0 | + | $26,000 |
paid expenses | ($15,000) | = | 0 | + | 0 | + | ($15,000) |
paid dividend | ($2,000) | = | 0 | + | 0 | + | ($2,000) |
Ending Balance | $1,55,000 | = | $84,600 | + | $51,400 | + | $19,000 |
d.Accounting equation as December 31, year2
Cash = Notes payable + Common stock + Retained earnings
$1,55,000 = $84,600 + $51,400 + $19,000
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