On March 1, the amount of retained earnings in Richard's Catering Company was $150,000. During March,...

  
 

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On March 1, the amount of retained earnings in Richard's Catering Company was $150,000. During March, stockholders were paid $31,000 in dividends from the business. The amounts of the various accounts are shown. Accounts payable $9,250 Accounts receivable 45,950 Cash 23,840 Common stock 1,000 Fees earned 64,950 Insurance expense 1,275 Land 88,400 Miscellaneous expense 1,210 Rent expense 9,000 Salary expense 20,300 Supplies 900 Supplies expense 525 Utilities expense 2,800 a. Prepare an income statement for the month ended March 31. Richard's Catering Company Income Statement For the Month Ended March 31 For the Month Ended March 31 Operating expenses: Total expenses b. Prepare a statement of retained earnings for the month ended March 31. Richard's Catering Company Statement of Retained Earnings For the Month Ended March 31 c. Prepare a balance sheet as of March 31. Richard's Catering Company Balance Sheet March 31 Assets Total assets Liabilities Stockholders' Equity Total liabilities and stockholders' equity On March 1, the amount of retained earnings in Richard's Catering Company was $150,000. During March, stockholders were paid $31,000 in dividends from the business. The amounts of the various accounts are shown. Accounts payable $9,250 Accounts receivable 45,950 Cash 23,840 Common stock 1,000 Fees earned 64,950 Insurance expense 1,275 Land 88,400 Miscellaneous expense 1,210 Rent expense 9,000 Salary expense 20,300 Supplies 900 Supplies expense 525 Utilities expense 2,800 a. Prepare an income statement for the month ended March 31. Richard's Catering Company Income Statement For the Month Ended March 31 For the Month Ended March 31 Operating expenses: Total expenses b. Prepare a statement of retained earnings for the month ended March 31. Richard's Catering Company Statement of Retained Earnings For the Month Ended March 31 c. Prepare a balance sheet as of March 31. Richard's Catering Company Balance Sheet March 31 Assets Total assets Liabilities Stockholders' Equity Total liabilities and stockholders' equity

Answer rating: 100% (QA)

A C D 1 a 2 Richards Catering Compnay Income statement 4 For the month ended ... View the full answer