Required information[The following information applies to the questions displayed below.]Lawson Consulting had the following accounts and amounts on December 31.CashAccounts receivableEquipmentAccounts payableCommon stockDividends6,200 Services revenue8,200 Rent expense4,530 Wages expense21,170$ 13,500Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The RetainedEarnings account balance at December 1 was $0. Hint. Net income for December is $5,400.LAWSON CONSULTINGStatement of Retained Earnings$0$ 3,20017,1003,7008,0000

Statement of Retained Earnings represents the opening balance, income added during the year,…

Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. $ 13,500 Cash Accounts receivable Equipment Accounts payable Common stock Dividends. 6,200 Services revenue 8,200 Rent expense 4,530 Wages expense 21,170 Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retained Earnings account balance at December 1 was $0. Hint. Net income for December is $5,400. LAWSON CONSULTING Statement of Retained Earnings $ 0 $3,200 17,100 3,700 8,000 0

Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. $ 13,500 Cash Accounts receivable Equipment Accounts payable Common stock Dividends. 6,200 Services revenue 8,200 Rent expense 4,530 Wages expense 21,170 Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retained Earnings account balance at December 1 was $0. Hint. Net income for December is $5,400. LAWSON CONSULTING Statement of Retained Earnings $ 0 $3,200 17,100 3,700 8,000 0

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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! Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable Equipment Accounts payable Common stock $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue LAWSON CONSULTING Statement of Retained Earnings $ Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retained Earnings account balance at December 1 was $0. Hint. Net income for December is $5,800. 0 $ 3,400 17,700 0 3,900 8,000
Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400
Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Totals Cash Accounts receivable Equipment Accounts payable Common stock Use the above information to prepare a December 31 trial balance. LAWSON CONSULTING Trial Balance December 31 $ Debit $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue 0 $ Credit 0 $ 3,400 17,700 3,900 8,000