NOVA Industries prepared the following financial information as of December 31, 2022. Service revenue $158,500 Notes payable $58,000 Accounts payable 13,700 Administrative expenses 138,000 Cash 14,600 Supplies 2,500 Equipment 106,500 Common stock 35,000 Dividends 9,000 Beginning Retained earnings (1/1/2022) 5,400 Prepare a Statement of Retained Earnings for NOVA Industries as of December 31, 2022.
NOVA Industries prepared the following financial information as of December 31, 2022. Service revenue $158,500 Notes payable $58,000 Accounts payable 13,700 Administrative expenses 138,000 Cash 14,600 Supplies 2,500 Equipment 106,500 Common stock 35,000 Dividends 9,000 Beginning Retained earnings (1/1/2022) 5,400 Prepare a Statement of Retained Earnings for NOVA Industries as of December 31, 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| NOVA Industries prepared the following financial information as of December 31, 2022. | |||||
| Service revenue | $158,500 | Notes payable | $58,000 | ||
| Accounts payable | 13,700 | Administrative expenses | 138,000 | ||
| Cash | 14,600 | Supplies | 2,500 | ||
| Equipment | 106,500 | Common stock | 35,000 | ||
| Dividends | 9,000 | Beginning |
5,400 | ||
| Prepare a Statement of Retained Earnings for NOVA Industries as of December 31, 2022. |
|
NOVA Industries Retained Earnings Statement For the year ended December 31, 2022 |
||
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| Add: | ["", "", "", "", "", ""] | ["", "", "", ""] |
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| Less: | ["", "", "", "", "", "", "", ""] | ["", "", "", "", "", "", ""] |
| ["", ""] | $ ["", "", "", ""] |
Expert Solution
Step 1
Retained Earnings
The earnings remain after making dividend payments, direct and indirect expenses, and other operating expenses. It is the part of shareholder's fund as it belongs to the owners of the company.
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