Case 2-1Maynard Company (A)*Diane Maynard made the following request of afriend:owned all the stock of Maynard Company. At the endof June, Diane Maynard paid herself an $11,700 divi-dend and used the money to repay her loan from theMy bookkeeper has quit, and I need to see the balancesheets of my company. He has left behind a book withthe numbers already entered in it. Would you be will-ing to prepare balance sheets for me? Also, any com-ments you care to make about the numbers would beappreciated. The Cash account is hcalthy, which is agood sign, and he has told me that the net inconse inJune was S19,635.company.QuestionsThe book contained a detailed record of transac-tions, and from it the friend was able to copy off thebalanoes at the beginning of the month and at the endof the month as shown in Exhibit 1. Diane Maynard3. Why do retained earnings not increase by theamount of June net income?4. As of June 30, do you feel that Maynard Companyis worth the amount in Shareholder's Equity.$619,446? Explain.•O Professor Robert N. Anthony.EXHIBIT 1 Account BalancesJune 1June 30Accounts payableAccounts receivableAccrued wages payableAccumulated depreciation on buildingAccumulated depreciation on equipmentBank notes payableBuildingCapital stockCashEquipment (at cost)LandMerchandise inventoryNote receivable, Diane MaynardOther noncurrent assetsS 8,51721,7981,974156,0005,3048,385585,000390,00034,98313,26089,70029,83511,7004,8572,4513,150221,5115,5595,700$ 21,31526,5052,202157,9505,92829,250585,000390,00066,66036,66089,70026,520Other noncurrent liabilitiesPrepaid insuranceRetained earningsSupplies on handTaxes payable5,2652,4512,826229,4466,6307,224

Name: Case 2-1Maynard Company (A)*Diane Maynard made the following request
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Description: Case 2-1Maynard Company (A)*Diane Maynard made the following request of afriend:owned all the stock of Maynard Company. At the endof June, Diane Maynard paid herself an $11,700 divi-dend and used the money to repay her loan from theMy bookkeeper has

Retained earning- Retained Earnings are the accumulated fraction of a company’s proceeds that are…

Business

Accounting

Case 2-1 Maynard Company (A)* Diane Maynard made the following request of a friend: owned all the stock of Maynard Compuny. At the end of June, Diane Maynard paid herself an SI1,700 divi- dend and used the money to repay her loan from the My bookkeeper has quit, and I need to see the balance sheets of my company. He has left behind a book with the numbers already entered in it. Would you be will- ing to prepare balance sheets for me? Also, any com- ments you care to make about the numbers would be appreciated. The Cash account is healthy, which is a good sign, and he has told me that the net inconse in June was $19,635. company. Questions

Case 2-1 Maynard Company (A)* Diane Maynard made the following request of a friend: owned all the stock of Maynard Compuny. At the end of June, Diane Maynard paid herself an SI1,700 divi- dend and used the money to repay her loan from the My bookkeeper has quit, and I need to see the balance sheets of my company. He has left behind a book with the numbers already entered in it. Would you be will- ing to prepare balance sheets for me? Also, any com- ments you care to make about the numbers would be appreciated. The Cash account is healthy, which is a good sign, and he has told me that the net inconse in June was $19,635. company. Questions

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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