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
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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.
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