AВDEFGQuestionE1.16 (LO 5), AP The following information is related to Alexis and Ryans, Attorneys at Law.Retained earnings, January 1, 2022$ 23,000Legal service revenue-2022340,000Total expenses-2022211,000Assets, January 1, 2022Liabilities, January 1, 202285,00062,000Assets, December 31, 2022168,000Liabilities, December 31, 202280,000Dividends-202264,000InstructionsPrepare the 2022 retained earnings statement for Alexis and Ryans, Attorneys at Law.AnswerNet Income CalculationLegal service revenueTotal expenses340,000211,000Net income129,000Alexis and Ryan, Attorneys at LawRetained Earnings StatementFor the Year Ended December 31, 2022Add:Less:*enter as positive number$

Lets understand the basics. Retained earnings is a earnings which is retained in the business. In…

Question E1.16 (LO 5), AP The following information is related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2022 $ 23,000 Legal service revenue–2022 340,000 Total expenses–2022 211,000 Assets, January 1, 2022 85,000 Liabilities, January 1, 2022 62,000 Assets, December 31, 2022 168,000 Liabilities, December 31, 2022 Dividends-2022 80,000 64,000 Instructions Prepare the 2022 retained earnings statement for Alexis and Ryans, Attorneys at Law. Answer Net Income Calculation Legal service revenue 340,000 Total expenses 211,000 Net income 129,000 Alexis and Ryan, Attorneys at Law Retained Earnings Statement For the Year Ended December 31, 2022 Add: Less: *enter as positive number 2$

Question E1.16 (LO 5), AP The following information is related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2022 $ 23,000 Legal service revenue–2022 340,000 Total expenses–2022 211,000 Assets, January 1, 2022 85,000 Liabilities, January 1, 2022 62,000 Assets, December 31, 2022 168,000 Liabilities, December 31, 2022 Dividends-2022 80,000 64,000 Instructions Prepare the 2022 retained earnings statement for Alexis and Ryans, Attorneys at Law. Answer Net Income Calculation Legal service revenue 340,000 Total expenses 211,000 Net income 129,000 Alexis and Ryan, Attorneys at Law Retained Earnings Statement For the Year Ended December 31, 2022 Add: Less: *enter as positive number 2$

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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1 of 1 Class Activity Kand A are partners in a firm. They share profits and the losses in the ratio of 4:1. They decide to dissolve thefirm on March 31,2021, their balance sheet is as follows: Liabilities RO Assets RO Bank loan 8250 Trade mark 6600 Creditors for goods 44000 Machine 66000 Bills payable 2750 Furniture 2200 K's Capital Ac 88000 Stock 33000 A's Capital Ac 33000 Debtors Less: Provision for bad debt 49500-2200 47300 O Cash in hand O Profit & loss Ac 15400 5500 Total 176000 Total 176000 The realization shows the following results: Debtors were realized at book value less 10% Goodwill was sold for 5500 Trade mark was realized for 4400 Machinery and stock were taken over by K for 99000 An unrecorded asset was sold for 1100 A creditor for goods was settled at discount of The expenses on realization were Pass Journal Entries and Prepare Realization A/c, Capital A/cs and Cash/Bank A/c. 440 2200
Plz answer part 1 & 2
Sagar
subject:accounting
Ratio Analyses for Victor and Maria Review the financial statements of Victor and Maria Hernandez and the financial ratios provided below. Balance Sheet for a Couple with Two Children-Victor and Maria Hernandez, January 1, 2018 Dollars Percent ASSETS Monetary Assets Cash on hand 1,200 0.3 Savings account 4,200 1.1 Victor's checking account 2,700 0.7 Maria's checking account 3,300 0.8 Tax refund due 700 0.2 Rent receivable 650 0.2 Total Monetary Assets $ 12,750 3.3% Tangible Assets Home 192,000 49.0 Personal property 9,000 2.3 Automobiles 9,500 2.4 Total Tangible Assets $ 210,500 53.7% Investment Assets Fidelity mutual funds 4,000 1.0 Scudder mutual fund 4,500 1.1 Ford Motor Company stock 2,500 0.6 New York 2038 bonds 4,100 1.0 Life insurance cash value 5,400 1.4 IRA accounts 34,400 8.8 Real estate investment 114,000 29.1…
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