Compute the following retained earning statement: Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March,
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March, the following transactions were completed. Mar Issued 8,200 shares of common stock for $12,300 cash. 1 1 Borrowed $4,800 cash by signing a 6-month, 6%, $4,800 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $6,600 cash. 2 Paid $1,200 cash to cover rent from March 1 through May 31. 3 Paid $2,100 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for $1,640 on account. 14 Billed customers $3,030 for cleaning services performed. 18 Paid $410 on amount owed on cleaning supplies. 20 Paid $1,440 cash for employee salaries. 21 Collected $1,310 cash from customers billed on March 14. 28 Billed customers $3,440 for cleaning services performed. 31 Paid $290 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 Declared and paid a $740 cash dividend. Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March, the following transactions were completed. Mar Issued 8,200 shares of common stock for $12,300 cash. 1 1 Borrowed $4,800 cash by signing a 6-month, 6%, $4,800 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $6,600 cash. 2 Paid $1,200 cash to cover rent from March 1 through May 31. 3 Paid $2,100 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for $1,640 on account. 14 Billed customers $3,030 for cleaning services performed. 18 Paid $410 on amount owed on cleaning supplies. 20 Paid $1,440 cash for employee salaries. 21 Collected $1,310 cash from customers billed on March 14. 28 Billed customers $3,440 for cleaning services performed. 31 Paid $290 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 Declared and paid a $740 cash dividend.
Expert Answer:
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Retained Earning Statement McEntire Corporation began operations on January 1, 2007. During its first 3 years of operations. McEntire reported net income and declared dividends as follows. The...
-
Retained Earnings Statement Olivia Company began 2016 with a Retained Earnings account balance of $180,000. During 2016, the following 8 events occurred and were properly recorded by the company: 1....
-
Statement On January 1, 2016, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2016, Kittson earned net income of $67,000, and the...
-
Identify possible opportunities for denormalizing these relations as part of the physical design of the database. Which ones would you be most likely to implement
-
What are three types of sampling? Which one would you use to analyze data input errors?
-
Find the critical points of (x) = 2 cos 3x + 3 cos 2x in [0, 2]. Check your answer against a graph of .
-
Explain why L-systems are of interest to Artificial Life researchers.
-
The U-Z Door Company manufactures garage door units. The units include hinges, door panels, and other hardware. Prepare a direct materials purchases budget for the first quarter of the year based on...
-
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 68,500 43,500 1,100 Addison's self-employment tax was $6,146....
-
Pro-Craft Company computed the following activity rates to allocate overhead cost for the year. Activity Materials handling Quality inspection Activity Rate $ 65 per materials requisition $ 55 per...
-
Holly's (MFS) 2023 tax liability is $51,293. Her AGI is greater than $75,000. Her 2023 withholding was $42,910, and she made no other payments during the year. Her 2022 tax liability was $39,570....
-
The York City Hospital has just acquired new equipment. The equipment cost $ 4 , 2 5 0 , 0 0 0 , and the organization spent $ 1 3 5 , 0 0 0 on upgrading the physical plant to the new equipment will...
-
Supervision of the Audit Engagement Of the standard, paragraph . 0 6 states the engagement partner and other engagement team members performing supervisory activities should take into account: State...
-
Illinois Company prepared the following bank reconciliation at May 3 1 :Balance per bankAdditions:$ 1 , 2 9 5 Deposits in transitCheck incorrectly charged to our bank balanceDeductions: 2 5 8 1 0 2...
-
Ramos Company has the following unit costs: Variable manufacturing overhead Direct materials Direct labor Fixed manufacturing overhead Fixed marketing and administrative $19 18 23 16 14 What cost per...
-
Discounted economy airfares have risen the most, but there is still strong demand for them. What does this suggest about the price elasticity of demand (PED) for these fares, the slope of the demand...
-
A restaurant records the following data over a month for its food: Opening inventory: $31,000 Purchases: $88,000 Closing Inventory: $28,000 Transfers in: $800 Transfers out: $200 Employee meals:...
-
Dr. Chan obtained a $15,000 demand loan at prime plus 1.5% on September 13 from the Bank of Montreal to purchase a new dental X-ray machine. Fixed payments of $700 will be deducted from the dentists...
-
This is a partial adjusted trial balance of Ramon Company. Instructions Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting...
-
Mendosa Company dishonors a note at maturity. What are the options available to the lender?
-
The financial statements of Columbia Sportswear Company are presented in Appendix B. Financial statements for VF Corporation are presented in Appendix C. Instructions (a) Based on the information in...
-
Why do organizations conduct marketing research?
-
What are some of the issues that should be considered when conducting marketing research?
-
What is the main difference between a full-service and a limited-service supplier?
Study smarter with the SolutionInn App