FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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what is the retained earnings ? And completed balance sheet
On June 1, 2025, Cullumber Service Co. was started with an initial investment in the company of $19,750 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of
operations:
Cash
Accounts receivable
Service revenue
Supplies
Advertising expense
Equipment
Common stock
$4,730 Notes payable
4,330 Accounts payable
7,900
Supplies expense
2,387
Maintenance and repairs expense
400 Utilities expense
24,000 Salaries and wages expense
19,750
$12,260
830
955
670
230
1,300
During June, the company issued no additional stock but paid dividends of $1,738.
Please see the info below. They are all part of the same question. I need this asap please and thank you. It requires an income statment for the month of june, a retained earnings statement for the month of june, and a balance sheet for June 30, 2017. Please include the correct terminology.
On June 1, 2017, Swifty Corporation was started with an initial investment in the company of $22,350 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,970
Supplies expense
1,100
Supplies
2,300
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
26,470
Salaries and wages expense
1,870
Common stock
22,350
In June, the company issued no additional stock…
After all revenue and expense accounts have been closed at the end of
the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income
Summary has a debit of RO 193,400 and a credit of RO 258,600. At the
same date, Share Capital has a credit balance of RO 300,000, and
Dividends has a balance of RO 25,000. The total equity at the end of
the period is:
a.
RO 401,752
b. RO 363,250
C.
RO 348,100
d. None of the options are correct
e.
RO 340,200
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- At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.arrow_forwardAfter all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 240.400 and a credit of RO 302.600. At the same date, Share Capital has a credit balance of RO650,000, and Dividends has a balance of RO 55.000. The total equity at the end of the period is:arrow_forwardSunland Inc. started the month of June 2025 with total assets of $210000 and total liabilities of $107000. During June, the business recorded $330000 in revenues, $162000 in expenses, and dividends of $55000. Assuming that no common stock was sold during the month, stockholders' equity at the end of June was $216000. $113000. $162000. $222000.arrow_forward
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