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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare a statement for retained earnings for 2021

! 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:! 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
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 $
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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