Required mormation [The following information applies to the questions displayed below.] South Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are listed alphabetically and are in thousands of dollars. Accounts Payable Accounts Receivable Advertising Expense Cash (January 1, 2019). Cash (June 29, 2019) Common Stock Dividends Equipment Income Tax Expense Inventory Notes Payable Office Expense Operating Expenses Retained Earnings (January 1, 2019) Sales Revenue Supplies Other cash flow information: Cash received from issuing common stock Cash paid to purchase equipment Cash paid to suppliers and employees. Cash received from customers. Cash received from sale of long-term assets Dividends paid to stockholders Answer is not complete. SOUTH FITNESS, Incorporated Statement of Retained Earnings (in thousands) Retained Earnings, January 1, 2019 Add: Net Income Less: Dividends Retained Earnings, June 29, 2019 2. Prepare a statement of retained earnings for the six months ended June 29, 2019. (Enter your answers in thousands.) ✓ $ 2,726,000 $ 1,028,700 594,000 70,000 1,384,000 1,070,000 1,525,000 3,613,000 X 3,303,000 X $ 3,303,000 x 310,000 3,066,000 79,000 649,000 348,300 657,000 694,000 2,726,000 1,730,000 169,000 $ 58,000 530,000 1,432,000 1,716,000. 184,000 310,000
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![Required informativn
[The following information applies to the questions displayed below.]
South Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are
listed alphabetically and are in thousands of dollars.
Accounts Payable
Accounts Receivable
Advertising Expense
Cash (January 1, 2019)
Cash (June 29, 2019)
Common Stock
Dividends
Equipment
Income Tax Expense
Inventory
Notes Payable
Office Expense
Operating Expenses
Retained Earnings (January 1, 2019)
Sales Revenue
Supplies
Other cash flow information:
Cash received from issuing common stock
Cash paid to purchase equipment
Cash paid to suppliers and employees
Cash received from customers
Cash received from sale of long-term assets
Dividends paid to stockholders
Answer is not complete.
SOUTH FITNESS, Incorporated
Statement of Retained Earnings
(in thousands)
Retained Earnings, January 1, 2019
Add: Net Income
Less: Dividends
Retained Earnings, June 29, 2019
$ 1,028,700
594,000
70,000
$ 2,726,000
3,613,000
3,303,000 X
$ 3,303,000 X
1,384,000
1,070,000
1,525,000
2. Prepare a statement of retained earnings for the six months ended June 29, 2019. (Enter your answers in thousands.)
310,000
3,066,000
79,000
649,000
348,300
657,000
694,000
2,726,000
1,730,000
169,000
$ 58,000
530,000
1,432,000
1,716,000
184,000
310,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F697bf74c-c094-4dce-8a71-1cb7e247e111%2Fc459346f-c83c-4c0c-a0e0-9ff366c236be%2Fo7k6oyj_processed.jpeg&w=3840&q=75)
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