ABC Company had the following account balances. Accounts Payable $948 Accounts Receivable $1,694 Cash $4,736 Common Stock $1,374 Deferred Revenue $1,007 ABC Company was missing the account balance for retained earnings. What is ABC Company's balance in retained earnings?
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- Crane Company compiled the following financial information as of December 31, 2025: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/2025 $294000. $237000. $32000. $848000 $356000. 179000 247000 ·729000 223000 62000 32000 Crane's retained earnings balance on December 31, 2025 is 119000 90000 237000If you give wrong answer this accounting question I will give you unhelpful rateA company has the following account balances. Which statement is correct concerning these balances? Beginning Ending Balance. Balance $ 16,400 Account Accounts receivable Accounts payable Inventory Long-term debt Common stock Multiple Choice 20,300 63,600 127,500 125,800 212,400 215,900 Accounts receivable is a $1,400 source of cash. $ 17,800 24,400 60,100 O Common stock is a $3.500 source of cash. Net working capital, excluding cash, is a $6,100 use of cash.
- Below are the unadjusted account balances for Gotham Corp as of December 31, 2021 Unadjusted Account Balances Асcount Amount Accounts payable 3,390 Accounts receivable 77,850 Accumulated depreciation 20,100 Cash 73,000 Common Shares 135,000 Cost of goods sold Equipment Interest expense 194,000 155,000 7,333 29,000 80,000 Inventory Long term investments Long term loan Prepaid insurance Retained Earnings 200,000 33,087 25,000 Sales 309,000 Salaries expense 49,220 Unearned revenue 6,000 The accountant recorded the following adjusting entries at the end of the year: 15,500 Depreciation on the equipment Salaries payable for 6 days of work Interest expense 3,000 4,667 19,087 Insurance expense for the Income tax expense, not yet paid All unearned revenue obligations were fulfilled year 2,423 Required: Prepare a Statement of Financial Position for the year 2021.Huluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $32,170 $26,970 Inventory 18,460 16,000 Accounts payable 16,640 14,790 Dividends payable 54,170 49,040 Amount Descriptions Cash paid for dividends Decrease in accounts payable Decrease in accounts receivable Decrease in dividends payable Decrease in inventory Increase in accounts payable Increase in accounts receivable Increase in dividends payable Increase in inventory Net cash flow from operating activities Adjust net income of $205,540 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if…1. Presented below is the adjusted trial balance of the LLL Corporation. Using this data, prepare the following statements: a. Income Statement (multiple step format); be sure to include the required earnings per share presentation. b. Statement of Retained Earnings Balance Sheet (classified format) C. LLL Corporation Adjusted Trial Balance 31-Dec-20 Debit Credit Cash 104,000 Accounts Receivable 294,000 Allowance for Doubtful Accounts 22,000 Notes Receivable (due 2/25/21) 2,500 Inventory, 12/31/17 Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building 259,500 325,000 115,000 531,000 166,000 Land 125,000 Accounts Payable 136,000 Salaries & Wages Payable 6,000 Notes Payable - Due 5/31/21 125,000 395,000 Mortgage Payable - Due 12/31/2035 Common Stock, Par $.01 10,000 Additional Paid in Capital in Excess of Par 400,000 Retained Earnings, 12/31/20 179,000 Dividends Declared 15,000 Sales, Net 885,000 Cost of Goods Sold (COGS) 475,000 165,000 Selling…
- DogSarasota Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (c) $3,100,000 1,100,000 760,000 (a) Bought 8,200 shares of its common stock at $30 a share. Sold 4,200 treasury shares at $31 a share. Sold 1,800 shares of treasury stock at $26 a share. No. Account Titles and Explanation Debit CreditThe trial balance of Wallaby Ltd shown below does not balance. Cash Accounts receivable. Supplies ............ Equipment Accounts payable Share capital Dividends... Service revenue. Wallaby Ltd Trial balance at 30 June 2023 Debit $ 2,600 7,600 .....600 Credit .....8,300 $ 9,766 1,941 .....1,500 15,200 Wages expense 3,800 Repair expense... 1,600 Totals..... $26.000 $26.907 An examination of the ledger and journal reveals the following errors: 1. Each of the above listed accounts has a normal balance per the general ledger. 2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530. 3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300. 4. Wages expense of $300 was omitted from the trial balance. 5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700. 6. Services were performed on account for a…
- The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…The following items are reported on a company's balance sheet: Line Item Description Amount Cash $228,100 Marketable securities 91,900 Accounts receivable 243,700 Inventory 182,200 Accounts payable 279,700 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place. Line Item Description Amount a. Current ratio b. Quick ratioLiabilities?