The assets and liabilities of Post Maple, Inc., as of December 31, 2010, and revenues and expenses
Question:
Beginning retained earnings was $117,000, and dividends totaled $38,000 for the year.
Requirements
1. Prepare the income statement of Post Maple, Inc., for the year ended December 31, 2010.
2. Prepare the companys statement of retained earnings for the year.
3. Prepare the companys balance sheet at December 31, 2010.
4. Analyze Post Maple, Inc., by answering these questions:
a. Was Post Maple profitable during 2010? By how much?
b. Did retained earnings increase or decrease? By how much?
c. Which is greater, total liabilities or total equity? Who owns more of Post Maples assets, creditors of the company or the Post Maplesstockholders?
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...
Step by Step Answer:
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas