Refer to M4-9. Prepare a statement of retained earnings for 2014. Data from M4-9, Debit Credit $
Question:
Refer to M4-9. Prepare a statement of retained earnings for 2014.
Data from M4-9,
Debit Credit $ 1,230 Cash Accounts Receivable 2,000 Prepaid Insurance Notes Receivable 2,300 3,000 Equipment 12,000 $ 2,600 Accumulated Depreciation Accounts Payable Accrued Liabilities Payable Wages Payable Income Taxes Payable 1,600 3,820 1,000 2,900 600 Unearned Rent Revenue Contributed Capital 2,400 Retained Earnings 1,000 Dividends Declared 300 Sales Revenue 42,030 Rent Revenue 300 Wages Expense 21,600 Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 1,300 1,220 1,400 9,000 2,900 $58,250 Total $58,250
Step by Step Answer:
SKY BLUE CORPORATION Statement of Retained ...View the full answer
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these Accounting questions
-
Brunswick Corporation reported the following amounts in various statements included in its 2008 annual report. (All amounts are stated in millions of dollars.) Net loss for 2008 . . . . . . . . . . ....
-
Refer to Practice 20-21. Assume that the error was found in May 2011. Net income for 2011 (correctly stated) was $50,000. Dividends for 2011 were $15,000. The Retained Earnings balance as originally...
-
Hernandez Company began 2007 with a $120,000 balance in retained earnings. During the year, the following events occurred: 1. The company earned net income of $80,000. 2. A material error in net...
-
Mr. Yap bought a bond having a face value of Php 1,000.00 for Php 970.00. The bond rate was 14% nominal and dividends were made to him semiannually for a total of 7 years. At the end of the seventh...
-
Two coherent plane light waves propagating with a divergence angle < < I fall almost normally on a screen. The amplitudes of the waves are equal. Demonstrate that the distance between the...
-
Refer to the data set that reports information on the 30 Major League Baseball teams for the 2018 season. a. For the variable salary, compute the mean, median, range, standard deviation, and...
-
Explain from where a corporation derives its authority.
-
In your community, sonic employers maintain stable workforces at all costs, and others furlough and recall workers seemingly at the drop of a hat. What are the differences in markets, management,...
-
A company has a $36 million portfolio with a beta of 1.2. The futures price for a contract on an index is 869. Futures contracts on $250 times the index can be traded. How many futures have to be...
-
1. Using the information in the table, compute the structure of the optimal portfolio W when there are two risky assets, bond fund and stock fund, as well as one risk free asset. r=0.03. Please note...
-
Assume you recently were hired for a job in Evansville, Indiana, at the head office of Escalade, Inc.-the company that makes GoalrillaTM and Goaliath basketball systems, and is the exclu- sive...
-
Refer to M4-9. Prepare a classified balance sheet at December 31, 2014. Are the SkyBlue Corporation's assets financed primarily by debt or equity? Data from M4-9, The SkyBlue Corporation has the...
-
Private rented sector is showing strong growth due to an increase number of tourists. A tourist office wants to examine the number of 4-bedroom apartments available for rent in the local city over...
-
Discuss the pros and cons of using measures of leverage to assess whether a company faces financial distress?
-
Explain how you took cultural factors and diversity into account when making the assessment and recommending interventions.
-
As an individual, reflect on and discuss the importance of diversity in teams and the relationship of diversity to teams spread across a large area. What sort of cultural considerations should you...
-
Describe the differences between managerial and financial accounting. Describe the differences as they relate to the users of the information, the purpose of the information, and the time frame (past...
-
How the process of mixing investment assets among different types of investment products, such as cash, fixed income, equity, real estate, derivatives, private investments, and collectibles, is...
-
The heights (in feet) of 36 randomly selected top-rated roller coasters are listed. Assume the population standard deviation is 71.6 feet. At = 0.05, is there enough evidence to reject the claim...
-
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended...
-
On July 12, 2015, Rossow Corporation purchased 1,000 shares of Reimer Company for $30,000. The following information applies to the share price of Reimer Company: Price...
-
On June 30, 2016, MetroMedia Unlimited purchased 10,000 shares of Mitekii for $20 per share. The following information pertains to the price per share of Mitekii shares: Price...
-
Bart Company had 30,000 outstanding common shares for $10 per share. On January 1, 2017, Homer Company purchased some of these shares at $25 per share, with the intent of holding them for a long...
-
The art of negotiation is especially important when working in an international business setting. Negotiating a successful contract is a highly valuable skill that is to be attained by working on...
-
1. At the break-even point, Jefferson Company sells 95,000 units and has fixed cost of $351,500. The variable cost per unit is $0.30. What price does Jefferson charge per unit? Note: Round to the...
-
Your company wants you to research the potential for implementing a relational database. How would you explain a relational database to them? What are the pros and cons of relational databases? What...
Study smarter with the SolutionInn App