Love Company's accounting records show an after-closing balance of $20,600 in its Retained Earnings account on December 31, Year2. During the Year 2 accounting cycle, Love earned $17,500 of revenue, incurred $10,400 of expense, and paid $2,700 of dividends.Revenues and expenses were recognized evenly throughout the accounting period.Requireda. Determine the balance in the Retained Earnings account as of January 1, Year 3.b. Determine the balance in the temporary accounts as of January 1, Year 2.c. Determine the after-closing balance in the Retained Earnings account as of December 31, Year 1.d. Determine the balance in the Retained Earnings account as of June 30, Year 2.Balance in the retained earnings, January 1, Year 3а.b.Balance in the temporary accounts, January 1, Year 2Closing retained earnings, December 31, Year 1С.d.Balance in the retained earnings, June 30, Year 2

Retained earning means amount of profit remain after all the adjustment of expense and adjustments.…

Answered: Love Company's accounting records show…

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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The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts Amount Accounts Amount Accounts payable $2,000 Miscellaneous expense $460 Accounts receivable 10,340 Office expense 530 Cash 21,420 Supplies 1,670 Fees earned 75,790 Wages expense 29,070 Land 47,000 Dividends 16,570 Building 157,630 Required: Prepare an income statement for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. Labels and Amount…
imes interest earned Berry Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $241,000 $289,200 Income before income tax expense 2,988,400 3,354,720 a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. Is the number of times interest charges are earned improving or declining?
The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities. Stockholders equity Connon stock, $5 per value. Retained earnings Total stockholders equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net incone before taxes Income taxes (30%) Net income $24,000 230,000 370,000 9,000 633,000 860,000 $1,493,000 $ 290,000 320,000 610,000 $150,000. 733,000 883,000 $1,493,000 $ 2,290,000 1,220,000 1,070,000 580,000 490,000 32,000 458,000 137,400 $ 320,600
How do I complete the statement of earnings, specifically the expenses, from the tral balance provided
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $908,611 and liabilities of $274,782. During Year 2, stockholders invested an additional $28,983 and received $25,270 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $981,663 and liabilities were $238,074? a.$73,052 b.$25,270 c.$106,047 d.$36,708.
How would I prepare the balance sheet?
Please help me
Jarvis began operations on January 1, Year 1 and its Retained Earnings balance on that date was $0. In its first two years of operations, it reported the following at its December 31 year-end. Net income Dividends Year 1 $ 35,100 $ 24,080 (a) Prepare the statement of retained earnings for Year 1 at its December 31 year end. (b) Prepare the statement of retained earnings for Year 2 at its December 31 year end. Required A Year 2 $ 58,500 $ 16,380 Complete this question by entering your answers in the tabs below. Required B Prepare the statement of retained earnings for Year 1 at its December 31 year end. JARVIS Statement of Retained Earnings For Year Ended December 31, Year 1 $ € Required A 0 10 Required B >
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $918,936 and liabilities of $275,632. During Year 2, stockholders invested an additional $28,692 and received $25,774 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $985,989 and liabilities were $239,2027 a. $36,430 Ob. $100,565 O c. $25,774 O d. $67,053
Hendrickson Inc. ended the current year with Revenues of $245,459 COGS of $123,492 Wage Expense of $52.770 If Retained Earnings had a beginning balance for the current year of $200,000, what will the ending Retained Earnings balance be for the year after all accounting processes are complete?
Gerardo Company had a net income of $75,000 and other comprehensive income of $12,500 for the year. On January 1, the retained earnings balance was $525,000 and the accumulated other comprehensive income balance was $55,000. a. Determine the comprehensive income for the year. B. Determine the retained earnings balance on December 31. C. Determine the accumulated other comprehensive income on December 31.

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