Chapter 1, Problem 1.11E

Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Sterns Audio Book Rental Corp. The amounts shown for balance sheet items are balances as of December 31, 2016 (with the exception of retained earnings, which is the balance on January 1, 2016), and the amounts shown for income statement items are balances for the year ended December 31, 2016. Required Prepare an income statement for the year ended December 31, 2016. Prepare a statement of retained earnings for the year ended December 31, 2016. Prepare a balance sheet at December 31, 2016. You have $1,000 to invest. On the basis of the statements you prepared, would you use it to buy stock in this company? Explain. What other information would you want before deciding?

Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Target Corporation (GT) for the year ending January 31. Instructions Prepare Target’s income statement for the year ending January 31.

Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the year: Required Use the previous information to answer the following questions. What is Prestiges net income for the year? What is Prestiges Retained Earnings balance at the end of the year? What is the total amount of Prestiges assets at the end of the year? What is the total amount of Prestiges liabilities at the end of the year? How much owners equity does Prestige have at the end of the year? What is Prestiges accounting equation at the end of the year?

You are the accountant for Trumpet and Trombone Manufacturing, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the companys general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Prepare the companys Statement of Retained Earnings

Following is a list of balance sheet accounts for Branman Co. as of December 31, 2018. Solve, a. Classify each of the following accounts as an asset, liability, or net worth. b. What is the balance in the Retained Earnings account if the data forms a valid balance sheet?

Liverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images. Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios: i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratio

Complete all of the following listed in the picture. Such as: General Journal General Ledaer Trial Balance Income Statement Statement of SE Balance Sheet Analysis Following an accountant format. Including: Compute the total asset turnover ratio for 2020.... Compute the net profit margin ratio for 2020...

The following are the ledger balances for Elle Cosmetic as at 30 June 2021:  Required:Prepare:a. The Statement of Comprehensive Income for the year ended 30 June 2021.b. The Statement of Financial Position as at 30 June 2021.

List of accounts as of Dec. 31, 2022 of MAN Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2021 for inventory was $17,800. Accounts payable Accounts receivable Accumulated depreciation Advertising expense Allowance for uncollectible accounts. Cash Common Stock Computer supplies Cost of goods sold List of accounts Delivery expense Insurance expense- office building Interest expense Interest revenue Inventory Land Loss on the sale of equipment Notes payable (due in 2 years) Notes receivable (due in 2 months) Office equipment Office salaries expense Prepaid insurance Repairs expense-Office computer Retained earnings Dec. 31, 2022 Salaries payable Sales discounts Sales returns and allowances Sales revenue Sales salaries expense Short term investment Store supplies expense Unearned revenue 7,000 29,470 30,000 1,700 3,500 32,150 70,835 2,425 15,000 8,600 600 950 1,350 20,000 30,000 220 35,000 17,420 64,000 2,945 1.860 800 27,290 12,000 3,500…