900350000500000LO4P 3-12LO 4nce sheet at July 31, 2017.Relationships of Account Items in the Trial BalanceJanuary 1, 2017AssetsLiabilitiesEquityDecember 31, 2017AssetsLiabilitiesEquity..Equity changes in yearAdditional investmentDividendsTotal revenueTotal expensesRequired:MPCompany$85,00045,000(a)(b)55,00050,000(c)20,000370,000355,000MaydayCompany$99,000(d)50,000$137,10065,000(e)dies Ing$ 12,000(f)448,100420,000Preparing Correct Trial BalanceThe trial balance of Paradise Inc. shown below does not balance.FIYERCompanyUnits: NT dollarsSHECompany(g)76,00032,000$132,000(h)47,000$ 10,00015,000(1)385,000$144,000G100,000(k)50,000122,0001.Determine the missing amounts.2. Prepare the statement of retained earnings for Mayday Company. Assume beginning retainedearnings was NT$32,900.$ 30,00011,000500,000(1)

Accounting Equation :— It is the relationship between assets, liabilities and owner's equity.…

LO4 sheet at July 31, 2017. Relationships of Account Items in the Trial Balance January 1, 2017 Assets Liabilities Equity December 31, 2017 Assets Liabilities Equity Equity changes in year Additional investment Dividends 1. 2. Total revenue Total expenses Required: MP Company $85.000 45,000 (a) (b) 55,000 50,000 (c) 20,000 370,000 355,000 Mayday Company $99,000 (d) 50,000 $137,100 65,000 (e) $ 12,000 (f) 448,100 420,000 FIYER Company Units: NT dollars SHE Company (g) 76,000 32,000 $132,000 (h) 47,000 $ 10,000 15,000 (1) 385,000 $144,000 ( 100,000 (k) 50,000 122,000 $ 30,000 11,000 500,000 (1) Determine the missing amounts. Prepare the statement of retained earnings for Mayday Company. Assume beginning retained earnings was NT$32,900.

LO4 sheet at July 31, 2017. Relationships of Account Items in the Trial Balance January 1, 2017 Assets Liabilities Equity December 31, 2017 Assets Liabilities Equity Equity changes in year Additional investment Dividends 1. 2. Total revenue Total expenses Required: MP Company $85.000 45,000 (a) (b) 55,000 50,000 (c) 20,000 370,000 355,000 Mayday Company $99,000 (d) 50,000 $137,100 65,000 (e) $ 12,000 (f) 448,100 420,000 FIYER Company Units: NT dollars SHE Company (g) 76,000 32,000 $132,000 (h) 47,000 $ 10,000 15,000 (1) 385,000 $144,000 ( 100,000 (k) 50,000 122,000 $ 30,000 11,000 500,000 (1) Determine the missing amounts. Prepare the statement of retained earnings for Mayday Company. Assume beginning retained earnings was NT$32,900.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

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Question

900
350
000
50
00
00
LO4
P 3-12
LO 4
nce sheet at July 31, 2017.
Relationships of Account Items in the Trial Balance
January 1, 2017
Assets
Liabilities
Equity
December 31, 2017
Assets
Liabilities
Equity
..
Equity changes in year
Additional investment
Dividends
Total revenue
Total expenses
Required:
MP
Company
$85,000
45,000
(a)
(b)
55,000
50,000
(c)
20,000
370,000
355,000
Mayday
Company
$99,000
(d)
50,000
$137,100
65,000
(e)
dies Ing
$ 12,000
(f)
448,100
420,000
Preparing Correct Trial Balance
The trial balance of Paradise Inc. shown below does not balance.
FIYER
Company
Units: NT dollars
SHE
Company
(g)
76,000
32,000
$132,000
(h)
47,000
$ 10,000
15,000
(1)
385,000
$144,000
G
100,000
(k)
50,000
122,000
1.
Determine the missing amounts.
2. Prepare the statement of retained earnings for Mayday Company. Assume beginning retained
earnings was NT$32,900.
$ 30,000
11,000
500,000
(1)

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