Determining Missing Information Using the Accounting Equation Use your knowledge of accounting relations to complete the following table for Boatsman Company. Note: Use a negative sign to indicate a net loss. 2012 Beginning retained earnings $ Net income (loss) Dividends Ending retained earnings 48,192 15,060 2011 $72,459 56,812

Determining Missing Information Using the Accounting Equation Use your knowledge of accounting relations to complete the following table for Boatsman Company. Note: Use a negative sign to indicate a net loss. 2012 Beginning retained earnings $ Net income (loss) Dividends Ending retained earnings 48,192 15,060 2011 $72,459 56,812

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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EASSY Manufacturing Company presents the following: Statement of Comprehensive Income December 31, 2020 Sales Cost of sales Gross profit Operating expenses Income before taxes Income tax (30%) Net income 000 INE CHARACTE NIV Current assets Non-current assets Total assets Current liabilities Non-current liabilities Ordinary shares Retained earnings Total liabilities and shareholders' equity Required: Compute the following: Statement of Financial Position December 31, 2020 THE Truth SERVICE 1. Expected increase in assets. 2. Spontaneous increase in current liabilities.. 3. Projected statements of comprehensive income. 4. Expected increase in retained earnings 5. Additional funds needed 6. Projected balance sheet વ P 6,000,000 4,200,000 1,800,000 Additional information: 1. Dividends paid out of P630,000 earnings in 2020 amount to P378,000. 2. Only current assets and current liabilities are directly related to sales. 3. The business expects a 30% increase in sales next year. 4. The…
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