The following information is related to Cheyenne, Attorneys at Law. Retained earnings, January 1, 2022 Legal service revenue-2022 Total expenses-2022 Assets, January 1, 2022 Liabilities, January 1, 2022 Assets, December 31, 2022 Liabilities, December 31, 2022 Dividends-2022 $35,500 342,500 219,000 97,000 61,500 172,500 101,500 88,000 Prepare the 2022 retained earnings statement for Cheyenne, Attorneys at Law. (List items that increase retained earnings first.) Cheyenne, Attorneys at Law Retained Earnings Statement $ $

The following information is related to Cheyenne, Attorneys at Law. Retained earnings, January 1, 2022 Legal service revenue-2022 Total expenses-2022 Assets, January 1, 2022 Liabilities, January 1, 2022 Assets, December 31, 2022 Liabilities, December 31, 2022 Dividends-2022 $35,500 342,500 219,000 97,000 61,500 172,500 101,500 88,000 Prepare the 2022 retained earnings statement for Cheyenne, Attorneys at Law. (List items that increase retained earnings first.) Cheyenne, Attorneys at Law Retained Earnings Statement $ $

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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Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2020, appears below. Account Balance* Account Balance* Accounts payable $ 9,800 Keith Williams, capital** $ 31,300 Accumulated depreciation 78,000 Keith Williams, withdrawals 53,000 Brian Adams, capital** 25,000 Note payable, due May 2022*** 126,000 Brian Adams, withdrawals 63,000 Office supplies 19,000 Cash 211,600 Revenues 486,000 Equipment 306,000 Utilities payable 1,500 Expenses 105,000 *Assume all account balances are normal.**The partners made no investments during the year.***$43,000 of the note payable is due in May 2021.Required:1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/(losses) are to be shared…
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1. A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25
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1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Home, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: Van Horne: S
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The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.
Showing your workings, answer the following question. “Carnita and Cornwall are in partnership. The following is their trial balance as at 31 October 2020.” £ £ Capital Accounts: Carnita 400,000 Capital Accounts: Cornwall 500,000 Current Accounts: Carnita (at 1 November 2019) 164,000 Current Accounts: Cornwall (at 1 November 2019) 41,200 Drawings Accounts: Carnita 200,000 Drawings Accounts: Cornwall 160,000 Premises at cost 1,600,000 Vehicles at cost 520,000 Accumulated depreciation on vehicles at 31 October 2020 500,000 Debtors 464,200 Creditors 539,400 Stock at 31 October 2020 268,800 Bank 67,200 Bank loan at 5% 800,000 Net profit for the year 396,000 Accrued expenses 22,000 3,321,400 3,321,400 “You are given additional information as follows: i) Interest is charged on drawings, which has been calculated as: Carnita…