Financial information related to Joshua Tree Interiors for August and September 2010 is as follows: a. Prepare
Question:
Financial information related to Joshua Tree Interiors for August and September 2010 is as follows:
a. Prepare balance sheets for Joshua Tree Interiors as of August 31 and as of September 30, 2010.b. Determine the amount of net income for September, assuming that no additional capital stock was issued and no dividends were paid during the month.c. Determine the amount of net income for September, assuming that no additional capital stock was issued but dividends of $17,500 were paid during themonth.
Transcribed Image Text:
August 31, 2010 $ 40,000 75,000 60,000 September 30, 2010 $ 55,000 90,000 Accounts payable Accounts receivable Capital stock Retained earnings Cash Supplies 60,000 110,000 140,000 20,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (16 reviews)
a b Retained earnings September 30 135000 Retained earning...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Financial information related to Derby Interiors for October and November 2006 is as follows: a. Prepare balance sheets for Derby Interiors as of October 31 and as of November 30, 2006. b. Determine...
-
Financial information related to Thorstad Interiors for June and July of 2007 is as follows: a. Prepare balance sheets for Thorstad Interiors as of June 30 and July 31, 2007. b. Determine the amount...
-
Financial information related to Oak Tree Interiors for October and November 2012 is as follows: a. Prepare balance sheets for Oak Tree Interiors as of October 31 and as of November 30, 2012. b....
-
Show that is one-to-one and find f(x) = J2 1 + 1 dt
-
Develop a weighted-point system for evaluating Heartland & Company bearings suppliers. Please keep in mind that (a) the sum of these five weighted dimensions must add to 100 points, and (b) Heartland...
-
In the dataset ICU-Admissions, the variable Service indicates whether the ICU (Intensive Care Unit) patient had surgery (1) or other medical treatment (0) and the variable Sex gives the gender of the...
-
Mikes Computer Shop is a sole trader run by Mike Nolan. The unadjusted trial balance of Mikes Computer Shop is shown below. Required (a) Prepare a worksheet for Mikes Computer Shop. Use the following...
-
In a merger under state law, Anchor Corporation acquires all the assets of Tower Corporation. Towers assets have a $5 million FMV and a $2.2 million adjusted basis. Assuming Tower liquidates, which...
-
Suppose two children push horizontally, but in exactly opposite directions, on a third child in a sled. The first child exerts a force of 74 N, the second a force of 99 N, kinetic friction is 7.5 N,...
-
Do the various theories of motivation contradict each other or complement each other? Explain.
-
One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, East, North, South, and West. Determine the missing amounts,...
-
Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a....
-
You work for an insurance company and are studying the relationship between types of crashes and the vehicles involved in passenger vehicle occupant deaths. As part of your study, you randomly select...
-
would all the income be taxed under the other taxes rates chart or just the qualified income? describe detail.
-
Mabel and Murray have money in an RRSP in Murray's name that they want to preserve in a tax-deferred environment with income flexibility. Mabel is 60 and Murray is 71. Murray's concern is that they...
-
Find the capitalization error. An error can be a word that is not capitalized and should be, or an error can be a word that is capitalized and should not be. Let's invite Mr. roth to our cookout on...
-
Sheldon has automobile insurance with ABC Insurance Company. During an icy day, Sheldon's car slid, bounced over a curb and landed against a hydro pole. The hydro pole was damaged, requiring the...
-
One of the biggest revenue-killers for healthcare providers is DNFB accounts. DNFB (DNFB meaning "discharged, not final billed") - defines unbilled accounts where the healthcare facility has...
-
Differentiate between tax evasion and tax avoidance.
-
In Problems 718, write the augmented matrix of the given system of equations. f0.01x0.03y = 0.06 [0.13x + 0.10y = 0.20
-
The density of mercury is 13.6 g/mL. Express the density in SI units (kg/m 3 ).
-
Based on the data presented in Exercise 1-10, identify those items that would appear on the income statement.
-
Identify each of the following items as (a) An asset, (b) A liability, (c) Revenue, (d) An expense, or (e) A dividend: 1. Amounts due from customers 2. Amounts owed vendors 3. Cash on hand 4. Cash...
-
Indicate whether each of the following cash activities would be reported on the statement of cash flows as (a) An operating activity, (b) An investing activity, or (c) A financing activity. 1. Issued...
-
You observe the price of a latte changes from $4 to $5. Instructions: Round your answer to one decimal place. If you are entering a negative number include a minus sign. a. What is the percentage...
-
Layer 2 switches work at a simple level for communication and switching. With technology advancing and routers being able to make more complex decisions, why is this method still used?
-
Explore the significance of intermedial allusions in multimedia storytelling, such as in graphic novels or hypertext fiction, and their implications for narrative coherence and interpretation.
Study smarter with the SolutionInn App