Prepare a retained earnings statement. (List items that increase retained earnings first.) DESOUSA COMPANY Retained Earnings Statement ta $
Q: Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system.…
A: Solution:Net sales :Amount $Sales revenue $ 77,320Less: Sales return & Allowance$ 956Net sales $…
Q: Slacks Co. began the year with 100 units of inventory. This inventory originally cost $200/unit or…
A: Inventory valuation is the process of giving a company's inventory of products and materials a…
Q: Jupiter Corporation manufactures skateboards. Several weeks ago, the firm received a special-order…
A: It is the process of making decisions that involve the management of costs to achieve long-term…
Q: Tigerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: 3-a. Prepare a financial analysis and determine which of the two models should be introduced. 3-b.…
A: Corporation may face a situation where it has two alternatives and it needs to select one. The…
Q: The cost flow method chosen must match the actual physical flow of the goods. True or False True…
A: Cost flow method in accounting refers to how a business allocates costs to the items in its…
Q: Charlie Corp. is purchasing new equipment with a cash cost of $100,000 for the assembly line. The…
A: Present value = $100,000Annuity = $22960Period = 6 years
Q: Sandhill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing…
A: A journal entry is a record of business transactions in a business's accounting books
Q: Exercise 7-3 (Algo) Compute Activity Rates [LO7-3] Green Thumb Gardening is a small gardening…
A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…
Q: O'Brien Company manufactures and sells one product. The following information pertains to each of…
A: The income statement is prepared to record the revenue and expenses for the current period. The…
Q: Given the following information for 2022, what was Giustiniani Industries cash flow from investing…
A: The cash flow statement is part of the financial statements of the company. It is prepared at the…
Q: Becky Shelton, a marketing coordinator for Douglass Enterprises, is in charge of ordering the…
A: 1. Profit: Profit is the financial gain a company achieves when the revenue from selling goods or…
Q: Determining the Optimal Product Mix with One Constrained Resource and a Sales Constraint Comfy Fit…
A: Optimal product mix in cost accounting refers to the ideal combination of products to maximize…
Q: Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner,…
A: Partnership is the relation between two or more person, It has the following characteristicsThey…
Q: Kerekes Manufacturing Corporation has prepared the following overhead budget for next month.…
A: Variable cost is the cost that changes with change in the activity of the cost driver used. The…
Q: A company's preclosing trial balance shows the following accounts and amounts: Cash Property, plant,…
A: Trial balance :— It is the statement that shows list of final ending balances of all ledger accounts…
Q: Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: Budgeted unit…
A: Selling and expenses budget in which all the expenses related to selling a product are shown. Ex:…
Q: ssuming that prices have been stable, calculate the value, at cost, of Cheyenne Department Stores'…
A: A corporation analyzes the cost of the most recent inventory acquisitions and then values the…
Q: How do gains and losses relate to the normal operations of a business? Explain
A: Gains: Gains represent positive financial outcomes that result in an increase in a company's…
Q: A company expected its annual overhead costs to be $750000 and direct labor costs to be $500000.…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means the indirect cost rate.Predetermined overhead…
Q: Cobra Company provided you with the following sales forecast for the first four months of the coming…
A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…
Q: The following comparative information is available for Wildhorse Company for 2025. Sales revenue…
A: INCOME STATEMENTIncome Statement is one of the important financial statements of the Company. It…
Q: When determining support for a qualifying child or qualifying relative dependent, which item is…
A: When determining if someone is your dependent for tax purposes, total support includes the amounts…
Q: Miller Company's contribution format income statement for the most recent month is shown below: Per…
A: Net operating income is the amount of money earned by the entity after deducting all the operational…
Q: Running Data began operations on February 1 The company produc company purchased 2,700 DVD discs to…
A: The process of assessing and estimating the expenses or costs involved with manufacturing items,…
Q: The depreciable base is also known as book value. TRUE OR FALSE
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: Wildhorse Company uses a periodic inventory system and reports the following for the month of June.…
A: The weighted average unit cost is a method of calculating the average cost per unit of inventory in…
Q: Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December…
A: a. Prepare schedules for acquisition-date fair value allocation and amortizations for Adams’s…
Q: Required information [The following information applies to the questions displayed below.] Hair…
A: Gross profit represents the amount of money earned by a corporation from its primary business…
Q: Axle Equipment leased an asset to Beach Products, Inc. on September 30, 2021. Axle the equipment at…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Blossom Manufacturing Ltd. had sales for January 2022 of $1,025,000. The units sold were 20,500, and…
A: Variable costs are those type of costs which changes along with change in sales activity level.…
Q: For 2022, Sherri has a short-t
A: A short-term loss is a loss taken on the sale or disposition of a capital asset held for…
Q: Joseph just closed a tough year. His new product idea got a much slower sales start than he hoped,…
A: SALES BUDGETSales Budget is the quantitative & Financial statement of Sales, prepared prior to a…
Q: Hampton Company reports the following information for its recent calendar year. Income Statement…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores.…
A: ACTIVITY BASED COSTINGActivity Based Costing is a powerful tool for measuring…
Q: Calculate the property tax rate required to meet the budgetary demands of the community. Note: When…
A: (A) For the $53,000,000 value , total taxes required = 2,900,000/ 53,000,000*100 = 5.47%Total…
Q: Interest payable........ Income taxes payable. 25 55 15 20 10 5 5 Required: Prepare the cash flows…
A: CASH FLOW STATEMENTCash flow statement Provides additional information to user of financial…
Q: FruAgro Company has average annual gross receipts of $58 million annually. This year, FruAgro earned…
A: Annual Gross Receipt = $58 millionBusiness Interest Income = $3 million Business Interest Expenses =…
Q: Dolce Co. estimates its sales at 180,000 units in the first quarter and that sales will increase by…
A: Cash budget is prepared to estimate the total cash received and total cash disbursed. It is a part…
Q: orporation's data concerning the single product it produces and sells appears below Percent of Sales…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: odels: Basic and Enhanced. Development costs have amounted to $184,500 and $265,500, respectively.…
A: The contribution margin is calculated as the difference between sales and variable costs. The net…
Q: 8. On January 1, Martinez Inc. issued $6,000,000, 11% bonds for $6,390,000. The market rate of…
A: The bonds issued are issued at a premium because the interest earnings from bonds is more than the…
Q: Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28%…
A: Tax savings is the reduction in the amount of income tax that an individual or entity is required to…
Q: Bewig, Inc., manufactures and sells two products: Product E8 and Product R4. The company has an…
A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…
Q: P21-5B Forte Company manufactures bicycles and tricycles. For both products, materials are added at…
A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…
Q: Flint Corporation has the following inIts shareholders' equity accounts: Share capital Class A,…
A: Reducing the number of outstanding shares of a company's equity through a procedure called "share…
Q: High-low method for a service company Sierra Railroad Inc. decided to use the high-low method and…
A: High Low Method: It implies a technique that is being used by the business in segregating fixed and…
Q: Determine the loss on the sale of Wildhorse Textiles' receivables. Loss on the sale Provide the…
A: Given in the question:Accounts Receivable = $650,000Finance Charge = 3%Withhold of Accounts…
Q: Kray Incorporated, which produces a single product, has provided the following data for its most…
A: Unit product cost depends upon the following methods that can be followed:>Variable costing,…
Q: The Constantine Corporation purchases robes for $12 per unit and then sells them for $25 per unit.…
A: Budget means the expected value for future. Budget is prepared for future and actual value is…
Qc 1
![Cash
Accounts Receivable
Prepaid Rent
Equipment
Accumulated Depreciation-Equip.
Notes Payable (due in October 2027)
Accounts Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries and Wages Expense
Rent Expense
Depreciation Expense
Interest Expense
Interest Payable
10,000
7,840
2,280
23,050
3,650
10,840
760
671
57
4,921
5,700
4,920
20,000
7,960
15,590
57](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b1784e5-4ab7-4d09-8b92-7f7a11f8429c%2Fc7fe9aa5-938b-4e97-ad5a-83bbf93e8541%2Fovgjl3f_processed.png&w=3840&q=75)
![Prepare a retained earnings statement. (List items that increase retained earnings first.)
DESOUSA COMPANY
Retained Earnings Statement
$
$
V](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b1784e5-4ab7-4d09-8b92-7f7a11f8429c%2Fc7fe9aa5-938b-4e97-ad5a-83bbf93e8541%2F4pyoj3_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Use the following information to answer all accounting questions Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock @ par value COGS Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2020 1726 2812 705 2000 4028 170 1755 99 185 2574 8754 8312 750 799 3621 4338 450 2021 1120 2254 800 2300 175 2056 120 271 1829 8245 10254 547 1021 4021 5768 690ASSETS Cash Accounts Receivable Inventory Plant and equipment Accumulated Depreciation TOTAL ASSETS LIABILITIES Accounts Payable Accrued Expenses Long Term Notes Payable TOTAL LIABILITIES EQUITIES Common Stock, No Par Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES COMPUTE THE 1. Current Ratio for 2020 & 2021 2. Quick Ratio for 2020 & 2021 2021 45,000.00 212,500.00 155,000.00 1,885,000.00 (480,000.00) 1,817,500.00 55,000.00 112,500.00 250,000.00 417,500.00 1,000,000.00 400,000.00 1,400,000.00 1,817,500.00 2020 50,000.00 207,500.00 140,000.00 1,662,500.00 (375,000.00) 1,685,000.00 47,500.00 110,000.00 237,500.00 395,000.00 1,000,000.00 290,000.00 1,290,000.00 1,685,000.00Below are the financial statements for the financial year 2020 and 2021. Statement of Financial Position as at January 31, 2019 and 2020 2021 2020 Current Assets Cash and cash balane:es 33,500 2,550 Account rocoivable 110.100 108,150 Inventories 17.000 7,140 Olher Teceivubles and prepaid experises 83,700 176.320 228.500 167,240 461,400 Fixod doposits with licenscd banks Total current assets 472,800 Properly, plant and cxquiprnenl 1,860,000 619,500 Total Assets 2,332,800 1,080,900 Current Liabilities Account Payables 60,400 27.410 Other payables and accriies expenses 65.600 56,390 Notes payables 27.800 46,800 Total current liabilities 153,800 130,600 Long term Liabilities Long term barrowings 490.500 144,700 Conveitible bonds 342.980 Hire purchase payables 106.920 76,600 Total long term liabilities 940,400 221,300 Shareholders' equity: Issued capital 253.500 201,000 Sharo promium 541.800 425.000 Retaincd carnings 443.300 103,000 Total liabilities and owners' equity 2,332,800 1,080,900
- Assets Cash S.T. Investments Accts Receivable Inventories Total Current Assets Net PP&E Total Assets Liabilities. Accts Payable Notes Payable Accruals Balance Sheet Current Liabilities L.T. Bonds Preferred Stock Common Stock Retained Earnings Total Equity Total Liab. & Equity Less: Interest 2021 120 30 400 Pre-tax Earnings 1,200 1,750 3,000 4,750 100 100 300 500 520 200 530 3,000 3,530 4,750 Net Sales COGS except Dep Depreciation & Amortization Other Operating Expenses EBIT Income Statements 2021 5,500 3,800 180 600 920 60 860 215 Taxes (25%) Preferred Dividends 15 Net Income for CS Holders 630 2020 $102 40 384 774 1. What is the company's MVA? 2. What is the company's EVA in? 3. What is the current ratio of the Company? 1,300 1,780 3,080 180 28 370 578 350 100 500 1,552 2,052 3,080 Number of Common Stock Outstanding = 1,200 Price of Common Stock = 4.00 WACC Cost of Capital = 12.0% Return on Investment (ROI)= 15.97% 2020 4,800 3,710 180 470 440 40 400 100 7 293Balance sheet data of Indigo Company at the end of 2025 and 2024 follow: 2025 Cash Accounts Receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation - buildings and equipment Land Totals Accounts payable Accrued Expenses Noted payable - bank, long-term Mortgage Payable Common stock $10 par Retained earnings (deficit) A-121000 B-0 102000 239000 278000 38000 358000 (71000) 359000 1303000 C-(80000) 270000 48000 D-(32000) 121000 833000 31000 Land was acquired for $198000 in exchange for common stock, par $198000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $10000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $32000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. 2024 141000 180000 179000 107000 301000 (33000) 161000 1036000 In Indigo's…Current Attempt in Progress These financial statement items are for Blossom Tax Services at year-end, July 31, 2020. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Share capital-ordinary £2,336 54,544 : v 25,312 38.528 4,592 70,560 9.520 22.400 Notes payable (long-term) Cash Accounts receivable Accumulated depreciation-equipment Dividends £ Depreciation expense Retained earnings (beginning of the year) BLOSSOM TAX SERVICES Income Statement Prepare a retained earnings statement for the year. £ BLOSSOM TAX SERVICES Retained Earnings Statement Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Prepare a classified statement of financial position at July 31. (List Current Assets in the reverse order of liquidity) BLOSSOM TAX SERVICES Statement of Financial Position Assets Equity and Liabilities v £ £ £ £ £2,016…
- Smith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities ofElegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable. Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000…
- Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments $34,776 68,729 6,274 17,183 41,813 79,200 110,895 74,491 22,045 646,175 2,554 31,252 Based on the data for Harding Company, what is the amount of working capital? a. $198,918 b. $643,621 c. $997,801 Od. $135,823The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…How much net cash did the entity receive (give) with regards to the premium transactions for the yeargiven below? (if net cash outflow, put a negative (-) sign before the numerical figure.A. December 31, 2020B. December 31, 2021
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)