Question

Te assets and liabilities of Weston, Inc., as of December 31, 2014, and revenues and expenses for the year ended on that date follow:


Beginning retained earnings was $109,600, and dividends declared totaled $28,000 for the year.

Requirements
1. Prepare the income statement of Weston, Inc., for the year ended December 31, 2014.
2. Prepare the company’s statement of retained earnings for the year.
3. Prepare the company’s balance sheet at December 31, 2014.
4. Analyze Weston, Inc., by answering these questions:
a. Was Weston profitable during 2014? By how much?
b. Did retained earnings increase or decrease? By how much?
c. Which is greater total liabilities or total stockholders’ equity? Who owns more of Weston’s assets, creditors of the company or Weston’sstockholders?


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  • CreatedJuly 25, 2014
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