Pina Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2024, its fiscal year end. All accounts have normal balances. Accounts payable $22,200 Income tax expense $15,850 Accounts receivable 40,250 Insurance expense 6,810 Accumulated depreciation-equipment 24,600 Interest expense 3,120 Cash 58,170 Notes payable 52,000 Cash dividends-common 41,600 Preferred shares 58,500 Cash dividends-preferred 4,680 Prepaid expenses 6,400 Common shares 78,000 Rent expense 37,200 Consulting revenue 420,680 Retained earnings 67,400 Depreciation expense 12,300 Salaries expense 255,200 Dividends payable 15,600 Salaries payable 2,400 Equipment 233,000 Supplies expense 26,800 There are 1,560 preferred and 78,000 common shares issued. Prepare the statement of retained earnings. (List items that increase retained earnings first.)

Pina Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2024, its fiscal year end. All accounts have normal balances. Accounts payable $22,200 Income tax expense $15,850 Accounts receivable 40,250 Insurance expense 6,810 Accumulated depreciation-equipment 24,600 Interest expense 3,120 Cash 58,170 Notes payable 52,000 Cash dividends-common 41,600 Preferred shares 58,500 Cash dividends-preferred 4,680 Prepaid expenses 6,400 Common shares 78,000 Rent expense 37,200 Consulting revenue 420,680 Retained earnings 67,400 Depreciation expense 12,300 Salaries expense 255,200 Dividends payable 15,600 Salaries payable 2,400 Equipment 233,000 Supplies expense 26,800 There are 1,560 preferred and 78,000 common shares issued. Prepare the statement of retained earnings. (List items that increase retained earnings first.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 26P

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