Question

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


Beginning retained earnings was $364,800, and dividends declared totaled $105,000 for the year.

Requirements
1. Prepare the income statement of Cameron Services, 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 Cameron Services, Inc., by answering these questions:
a. Was Cameron Services 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 Cameron Services’ assets, creditors of the company or the Cameron Servicesstockholders?


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  • CreatedJuly 25, 2014
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