Presented below is information related Mary and Lisa, CPAs. Retained earnings, January 1, 20
Presented below is information related Mary and Lisa, CPAs.
Retained earnings, January 1, 2020 $23,000
Fees earned 500,000
Rent Expenses---2020 200,000
Insurance Expenses 11,000
Assets, January 1, 2020 85,000
Liabilities, December 31, 2020 80,000
Dividends—2020 64,000
Liabilities, January 1, 2020 62,000
Assets, December 31, 2020 168,000
Prepare the 2020 retained earnings statement for Mary and Lisa, CPAs.
Homework Answers
Retained earnings Statement for Mary and Lisa for the year ended 31st December 2020.
| Particulars | $ |
| Retained earnings Jan 1, 2020 | 23,000 |
| Add: Net income ($500,000-$200,000-$11,000) | 289,000 |
| 312,000 | |
| Less Dividends | (64,000) |
| Retained earnings Decrease 31,2020 | 248,000 |
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Presented below is information related Mary and Lisa, CPAs.
Retained
earnings, January 1,
20
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1,...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31,2019 Liabilities, December 31, 2019 Dividends-2019 S23,000 40.00 211,000 85,000 62,000 168,000 80,000 64,000 Instructions 2019 retained earnings statement for Alexis and Ryans Attorneys at Law
Presented below is information related to Williams and Douglas, Attorneys at Law Ltd. Retained earnings, January...
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please explain the steps to solve Presented below is information related to Dean Plumley Company. 107,000...
please explain the steps to solve
Presented below is information related to Dean Plumley Company. 107,000 - 21,000 Retained earnings, January 1, 2018 Service revenue-2018 Total expenses-2018 Assets, January 1, 2018 Liabilities, January 1, 2018 Assets, December 31, 2018 Liabilities, December 31, 2018 Dividends-2018 $ 21,000 320,000 - 213.000 85,000 64,000 165,000 90,000 ? 800,000 Instructions Prepare the 2018 retained earnings statement for Dean Plumley Company
Presented below are selected ledger accounts of Crane Corporation as of December 31, 2020. Cash $40,000...
Presented below are selected ledger accounts of Crane
Corporation as of December 31, 2020.
Cash
$40,000
Administrative expenses
80,000
Selling expenses
64,000
Net sales
432,000
Cost of goods sold
168,000
Cash dividends declared (2020)
16,000
Cash dividends paid (2020)
12,000
Discontinued operations (loss before income taxes)
32,000
Depreciation expense, not recorded in 2019
24,000
Retained earnings, December 31, 2019
72,000
Effective tax rate 20%
Compute net income for 2020.
Below is the retained Earnings account for the year 2020 for Concord Corp. $259,910 Retained earnings,...
Below is the retained Earnings account for the year 2020 for Concord Corp. $259,910 Retained earnings, January 1, 2020 Add: Gain on sale of investments (net of tax) Net income Refund on litigation with government, related to the year 2017 (net of tax) Recognition of income earned in 2019, but omitted from income statement in that year (net of tax) $43,510 86,810 23,910 27.710 181.940 441.850 37,310 62,310 Deduct: Loss on discontinued operations (net of tax) Write-off of goodwill (net...
Presented below is information related to Blossom Corp. for the year 2020. Net sales Cost of...
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Presented below is information related to the sole proprietorship of Susan Wilson, attorney.
Presented below is information related to the sole
proprietorship of Susan Wilson, attorney.Legal service revenue—2020$337,000Total expenses—2020207,000Assets, January 1, 202093,000Liabilities, January 1, 202054,000Assets, December 31, 2020170,000Liabilities, December 31, 2020105,000Drawings—2020?Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)SUSAN WILSON, ATTORNEYOwner’s Equity Statement For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020 DrawingsExpensesNet Income /
(Loss)Owner’s Capital, January 1Owner’s Capital, December
31RevenuesTotal ExpensesTotal RevenuesInvestments$ AddLess: DrawingsExpensesNet Income /...
Problem 4-01 The following information is related to Coronado Company for 2020. Retained earnings balance, January...
Problem 4-01 The following information is related to Coronado Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,097,600...
BACK Exercise 1-6 Presented here is information for DeVito Inc. for 2014. Retained earnings, January 1...
BACK Exercise 1-6 Presented here is information for DeVito Inc. for 2014. Retained earnings, January 1 Service revenue Total expenses Dividends $154,687 475,960 208,233 7344 Calculate the net income. LINE TO TEXT Prepare the 2014 retained earnings statement for DeVito Inc. (List items that increase retained earnings first.) DEVITO INC Retained Earnings Statement For the Year Ended December 31, 2014 Click if you would like to Show Work for this questions Open Show Work vineo sw Question Attempts: 0 of...
Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year: Assets January 1...
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Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31,2019 Liabilities, December 31, 2019 Dividends-2019 S23,000 40.00 211,000 85,000 62,000 168,000 80,000 64,000 Instructions 2019 retained earnings statement for Alexis and Ryans Attorneys at Law
please explain the steps to solve
Presented below is information related to Dean Plumley Company. 107,000 - 21,000 Retained earnings, January 1, 2018 Service revenue-2018 Total expenses-2018 Assets, January 1, 2018 Liabilities, January 1, 2018 Assets, December 31, 2018 Liabilities, December 31, 2018 Dividends-2018 $ 21,000 320,000 - 213.000 85,000 64,000 165,000 90,000 ? 800,000 Instructions Prepare the 2018 retained earnings statement for Dean Plumley Company
Presented below are selected ledger accounts of Crane
Corporation as of December 31, 2020.
Cash
$40,000
Administrative expenses
80,000
Selling expenses
64,000
Net sales
432,000
Cost of goods sold
168,000
Cash dividends declared (2020)
16,000
Cash dividends paid (2020)
12,000
Discontinued operations (loss before income taxes)
32,000
Depreciation expense, not recorded in 2019
24,000
Retained earnings, December 31, 2019
72,000
Effective tax rate 20%
Compute net income for 2020.
Below is the retained Earnings account for the year 2020 for Concord Corp. $259,910 Retained earnings, January 1, 2020 Add: Gain on sale of investments (net of tax) Net income Refund on litigation with government, related to the year 2017 (net of tax) Recognition of income earned in 2019, but omitted from income statement in that year (net of tax) $43,510 86,810 23,910 27.710 181.940 441.850 37,310 62,310 Deduct: Loss on discontinued operations (net of tax) Write-off of goodwill (net...
Presented below is information related to Blossom Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,612,000 967.200 80,600 59.520 24,800 8.680 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $99,200 68.200 62,000 55,800 1.215.200 Prepare a multiple-step income statement for 2020. Assume that 94.240 shares...
Presented below is information related to the sole
proprietorship of Susan Wilson, attorney.Legal service revenue—2020$337,000Total expenses—2020207,000Assets, January 1, 202093,000Liabilities, January 1, 202054,000Assets, December 31, 2020170,000Liabilities, December 31, 2020105,000Drawings—2020?Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)SUSAN WILSON, ATTORNEYOwner’s Equity Statement For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020 DrawingsExpensesNet Income /
(Loss)Owner’s Capital, January 1Owner’s Capital, December
31RevenuesTotal ExpensesTotal RevenuesInvestments$ AddLess: DrawingsExpensesNet Income /...
Problem 4-01 The following information is related to Coronado Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,097,600...
BACK Exercise 1-6 Presented here is information for DeVito Inc. for 2014. Retained earnings, January 1 Service revenue Total expenses Dividends $154,687 475,960 208,233 7344 Calculate the net income. LINE TO TEXT Prepare the 2014 retained earnings statement for DeVito Inc. (List items that increase retained earnings first.) DEVITO INC Retained Earnings Statement For the Year Ended December 31, 2014 Click if you would like to Show Work for this questions Open Show Work vineo sw Question Attempts: 0 of...
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