Use the following information for the Quick Studies below. (Algo)[The following information applies to the questions displayed below.]Lawson Consulting had the following accounts and amounts on December 31.CashAccounts receivableEquipmentAccounts payableCommon stock$ 12,0005,9007,9004,260 Wages expenseRent expense19,640DividendsServices revenueLAWSON CONSULTINGStatement of Retained EarningsQS 2-16 (Algo) Preparing a statement of retained earnings LO P1Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retained Earningsaccount balance at December.1 was $0. Hint. Net income for December is $4,800.$0$2,90016, 2003,4008,0000

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Description: Use the following information for the Quick Studies below. (Algo)[The following information applies to the questions displayed below.]Lawson Consulting had the following accounts and amounts on December 31.CashAccounts receivableEquipmentAccounts pa

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Cash - Accounts receivable Equipment Accounts payable Common stock $ 12,000 Dividends 5,900 Services revenue 7,900 Rent expense 4,260 Wages expense 19,640 $ 2,900 16, 200 3,400 8,000 QS 2-16 (Algo) Preparing a statement of retained earnings LO P1 Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retai account balance at December.1 was $0. Hint. Net income for December is $4,800. LAWSON CONSULTING Statement of Retained Earnings

Cash - Accounts receivable Equipment Accounts payable Common stock $ 12,000 Dividends 5,900 Services revenue 7,900 Rent expense 4,260 Wages expense 19,640 $ 2,900 16, 200 3,400 8,000 QS 2-16 (Algo) Preparing a statement of retained earnings LO P1 Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retai account balance at December.1 was $0. Hint. Net income for December is $4,800. LAWSON CONSULTING Statement of Retained Earnings

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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Use the following to answer questions 30 – 33 The following account balances appear in the 20XC year- end POST-closing trial balance of BA Corporation: S50,000 75,000 Cash Accounts Receivable 125,000 500,000 Inventory Equipment Accumulated Depreciation 50,000 Accounts Payable Notes Payable 30,000 200,000 300,000 Common stock Retained earnings ? 30. $ Determine the total amount of debits that would be shown on the post-closing trial balance Determine retained earnings that would be shown on the post-closing trial balance 31. $ 32. $ Determine total current assets 33. $ Determine the book value of the equipmenti
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The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Excess of paid-in capital over par 758,000.00 558,000.00…
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
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1 Required Information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Assets Cash Req 1 For both the current year and one year ago, compute the following ratios 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Accounts receivable, net Merchandise inventory Prepaid…
! Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable Equipment Accounts payable Common stock $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue LAWSON CONSULTING Statement of Retained Earnings $ Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retained Earnings account balance at December 1 was $0. Hint. Net income for December is $5,800. 0 $ 3,400 17,700 0 3,900 8,000
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