Please give me true answer this financial accounting question Silver Bay Inc. had the following account balances:AccountAccounts PayableBalance ($)1,120Accounts Receivable 2,150Cash5,400Common Stock1,600Deferred Revenue1,200Silver Bay Inc. was missing the account balance for retainedearnings.What is Silver Bay Inc.'s balance in retained earnings?

Step 1: Define Retained EarningsRetained Earnings refer to the cumulative net income that a company…

Answered: Silver Bay Inc. had the following…

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
Ee 106.
Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)
I need help finding the net income...
What is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a is a credit of $137000 right?
Blossom Ltd., which follows ASPE had the following comparative statement of financial position: Blossom Ltd. Comparative Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Total assets Accounts payable Notes payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: . Liabilities and Shareholders' Equity $90.600 7,900 15,200 15,900 119.500 267.000 105,000 $621,100 2024 $82.500 136,000 81,600 11,300 300.500 (70,100) 79,300 $621,100 Adjustments to reconcile net income to net cash provided by operating activities: 2023 $50,400 101,500 122,400 8,400 250,900 (49.900) 99,300 $583,000 Net income for the fiscal year was $54.500. Equipment that cost $42.000 and was 70% depreciated was sold during 2024, for a gain of $4,000. $77,700 12,100 7,600 20,200 137,100 267,000 61,300…
Which of the following statements in relation to retained earnings is TRUE? Select one: a. Retained earnings account normally has a debit balance. b. Retained earnings account is closed at the end of the fiscal year. c. Retained earnings account normally has a credit balance. d. Retained earnings account is a nominal account.
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Huluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $32,170 $26,970 Inventory 18,460 16,000 Accounts payable 16,640 14,790 Dividends payable 54,170 49,040 Amount Descriptions Cash paid for dividends Decrease in accounts payable Decrease in accounts receivable Decrease in dividends payable Decrease in inventory Increase in accounts payable Increase in accounts receivable Increase in dividends payable Increase in inventory Net cash flow from operating activities Adjust net income of $205,540 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if…

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