2. Prepare a statement of retained earnings for 2021. NICE BITE, Incorporated Statement of Retained Earnings For the Year Ended December 31, 2021 Retained Earnings, January 1, 2021 $ 6,800 Add: Net Income 51,400 Retained Earnings, December 31, 2021 $ 58,200
2. Prepare a statement of retained earnings for 2021. NICE BITE, Incorporated Statement of Retained Earnings For the Year Ended December 31, 2021 Retained Earnings, January 1, 2021 $ 6,800 Add: Net Income 51,400 Retained Earnings, December 31, 2021 $ 58,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare a statement for
![!
Required information
[The following information applies to the questions displayed below.]
The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated
Accounts Payable
$ 46,000
Accounts Receivable
23,800
90,400
78,000
152,500
Cash (balance on January 1, 2021)
Cash (balance on December 31, 2021)
Common Stock
Dividends
Equipment
Income Tax Expense
137,700
10,200
Interest Expense
29,600
Inventory
Notes Payable
Office Expense
17,300
25,000
14,400
7,100
Prepaid Rent
Retained Earnings (beginning)
Salaries and Wages Expense
6,800
35,800
Service Revenue
139,800
25,200
9,000
Utilities Expense
Salaries and Wages Payable
Other cash flow information:
$ 22,000
24,500
11,100
53,400
84,400
139,000
Cash from issuing common stock
Cash paid to reacquire common stock
Cash paid for income taxes
Cash paid to purchase long-term assets
Cash paid to suppliers and employees
Cash received from customers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51535845-8e4c-44c4-a6be-da9a54d2bbef%2F27595c67-c973-4357-ac4b-90a4ffab3e0b%2Fdc06ca5_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated
Accounts Payable
$ 46,000
Accounts Receivable
23,800
90,400
78,000
152,500
Cash (balance on January 1, 2021)
Cash (balance on December 31, 2021)
Common Stock
Dividends
Equipment
Income Tax Expense
137,700
10,200
Interest Expense
29,600
Inventory
Notes Payable
Office Expense
17,300
25,000
14,400
7,100
Prepaid Rent
Retained Earnings (beginning)
Salaries and Wages Expense
6,800
35,800
Service Revenue
139,800
25,200
9,000
Utilities Expense
Salaries and Wages Payable
Other cash flow information:
$ 22,000
24,500
11,100
53,400
84,400
139,000
Cash from issuing common stock
Cash paid to reacquire common stock
Cash paid for income taxes
Cash paid to purchase long-term assets
Cash paid to suppliers and employees
Cash received from customers
Transcribed Image Text:2. Prepare a statement of retained earnings for 2021.
NICE BITE, Incorporated
Statement of Retained Earnings
For the Year Ended December 31, 2021
Retained Earnings, January 1, 2021
$
6,800
51,400
58,200
Add: Net Income
Retained Earnings, December 31, 2021
$
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