Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash $ 15,500 Accounts receivable 16,500 18,500 62,500 12,500 62,500 31,500 69,500 Equipment Land Accounts payable Common stock Dividends Net income (a) Prepare its year-end statement of retained earnings. Hint. Retained Earnings on January 1 was $0. (b) Prepare its year-end balance sheet, using retained earnings calculated in part a. Complete this question by entering your answers in the tabs below.
Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash $ 15,500 Accounts receivable 16,500 18,500 62,500 12,500 62,500 31,500 69,500 Equipment Land Accounts payable Common stock Dividends Net income (a) Prepare its year-end statement of retained earnings. Hint. Retained Earnings on January 1 was $0. (b) Prepare its year-end balance sheet, using retained earnings calculated in part a. Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mahomes Company reported the following data at the end of its first year of operations on December 31.
Cash
$ 15,500
Accounts receivable
16,500
18,500
62,500
12,500
62,500
31, 500
69,500
Equipment
Land
Accounts payable
Common stock
Dividends
Net income
(a) Prepare its year-end statement of retained earnings. Hint Retained Earnings on January 1 was $0.
(b) Prepare its year-end balance sheet, using retained earnings calculated in part a.
Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Prepare its year-end balance sheet, using retained earnings calculated in part a.
MAHOMES COMPANY
Balance Sheet
December 31
k
ces
<Required A
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