The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise
The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise
Accounts Payable | $7,200 | Rent Expense | $3,000 |
Accounts Receivable | 8,400 | Equipment | 74,500 |
Wages Payable | 3,400 | Furniture | 16,600 |
Prepaid Expenses | 500 | Notes Payable (due 12/31/13) | 40,900 |
Dividends | 2,000 | Accumulated Depreciation | 8,000 |
Sales Revenue | 99,850 | Cash | 14,000 |
Notes Payable (due 4/30/12) | 1,000 | Common Stock | 20,000 |
Cost of Goods Sold | 48,800 | Goodwill | 10,000 |
Loss on Sale of Equipment | 5,500 | Retained Earnings (1/1/11) | 16,150 |
Inventory | 9,500 | Marketable Equity Securities | 300 |
Advertising Expense | 2,500 | Depreciation Expense | 1,100 |
Insurance Expense | 2,000 | Unearned Revenue | 2,200 |
Determine the Ending Retained Earnings for 2011:
Homework Answers
| Statement of Retained Earnings | |
| For the Year Ended December 31, 2011 | |
| Retained earnings, beginning (1/1/11) | $16,150 |
| Add: Net income | $36,950 |
| $53,100 | |
| Less: Dividends | ($2,000) |
| Retained earnings, ending | $51,100 |
The ending retained earnings for 2011 = $51,100
Third option is correct.
Working notes:
| Income Statement | ||
| For the Year Ended December 31, 2011 | ||
| Revenues | ||
| Sales revenue | $99,850 | |
| Cost of goods sold | ($48,800) | |
| Gross profit | $51,050 | |
| Operating expenses: | ||
| Advertising expense | $2,500 | |
| Insurance expense | $2,000 | |
| Rent expense | $3,000 | |
| Depreciation expense | $1,100 | |
| Total Operating expenses | ($8,600) | |
| Income from operations | $42,450 | |
| Other expenses and Losses: | ||
| Loss on sale of equipment | ($5,500) | |
| Net income | $36,950 |
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The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise
The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise
The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise Accounts Payable$7,200Rent Expense$3,000Accounts Receivable8,400Equipment74,500Wages Payable3,400Furniture16,600Prepaid Expenses500Notes Payable (due 12/31/13)40,900Dividends2,000Accumulated Depreciation8,000Sales Revenue99,850Cash14,000Notes Payable (due 4/30/12)1,000Common Stock20,000Cost of Goods Sold48,800Goodwill10,000Loss on Sale of Equipment5,500Retained Earnings (1/1/11)16,150Inventory9,500Marketable Equity Securities300Advertising Expense2,500Depreciation Expense1,100Insurance Expense2,000Unearned Revenue2,200Determine Income from Operations for 2011:
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