what is the retained earnings ? And completed balance sheet On June 1, 2025, Cullumber Service Co. was started with an initial investment in the company of $19,750 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock Notes payable 4,330 Accounts payable 7,900 Supplies expense 2,387 Maintenance and repairs expense $4,730 400 Utilities expense 24,000 Salaries and wages expense 19,750 $12,260 830 955 670 230 1,300 During June, the company issued no additional stock but paid dividends of $1,738.

what is the retained earnings ? And completed balance sheet On June 1, 2025, Cullumber Service Co. was started with an initial investment in the company of $19,750 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock Notes payable 4,330 Accounts payable 7,900 Supplies expense 2,387 Maintenance and repairs expense $4,730 400 Utilities expense 24,000 Salaries and wages expense 19,750 $12,260 830 955 670 230 1,300 During June, the company issued no additional stock but paid dividends of $1,738.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Listed below in alphabetical order are the balance sheet items of Ivanhoe Company at December 31, 2022. Accounts payable $11,900 Accounts receivable $14,800 Buildings $62,000 Cash $10,700 Common stock $85,000 Equipment $9,500 Land $32,000 Retained earnings $32,100 Prepare a balance sheet and include a complete heading.
The balance sheet for Frankie Co. is shown below: Frankie Co. Balance Sheet At December 31, 2021 Assets: Cash $ 150 Short-term investments 200 Accounts receivable (net) 300 Inventories 450 Property, plant, and equipment (net) 1,100 Total assets $2,200 Liabilities and Shareholders' Equity: Current liabilities $ 450 Long-term liabilities 600 Paid-in capital 150 Retained earnings 1,000 Total liabilities and shareholders' equity $2,200 Selected Year 2021 income statement information for Frankie Co. includes: Net sales $7,700 Interest expense 90 Income tax expense 150 Net income 350 Frankie's acid-test ratio at December 31, 2021 is nearest to: Group of answer choices 0.62 2.44 1.05 1.44
At the beginning of 2024, a company reported a balance in common stock of $155,000 and a balance in retained earnings of $55,000. During the year, the company issued additional shares of stock for $45,000, earned net income of $35,000, and paid dividends of $10,500. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Assets $53,100 11,400 26,500 225,000 Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Liabilities Accounts payable Utilities payable Salaries payable Notes payable $9,100 3,400 4,000 20,000
You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6,400; Revenue = $13,800; Dividends = $1,450; Beginning Retained Earnings = $4,450; Ending Retained Earnings = $8,400.The amount of liabilities reported on the end-of-period balance sheet was:
The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?; Common Stock = $5,300; Revenue = $11,600; Dividends = $900; Beginning Retained Earnings = $3,900; Ending Retained Earnings = $7,300. The amount of liabilities reported on the end-of-period balance sheet was A. $11,200. B. $10,400. C. $13,800. D. $9,200.
What is the final amount in retained earnings
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid. Accounts payable $ 69,500 Accounts receivable 236,500 Cash 190,500 Common stock 450,000 Fees earned 383,500 Land 1,500,000 Miscellaneous expense 14,500 Rent expense 22,500 Supplies 7,000 Supplies expense 11,300 Utilities expense 16,700 Wages expense 170,000 Required: 1. Prepare an income statement for the year ended December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon (:) will…