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.Requirements1. Prepare the income statement of Cameron Services, Inc., for the year ended December 31, 2014.2. Prepare the companys statement of retained earnings

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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:

The assets and liabilities of Cameron Services, Inc., as of

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?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Related Book For answer-question

Financial Accounting

10th edition

Authors: Walter Harrison, Charles Horngren, William Thomas

ISBN: 978-0133427530