2-a. What is the amount of retained earnings as of December 31, 2021? 2-b. Did the retained earnings at December 31, 2021, arise primarily from current year earnings or earnings retained from prior years? 2-c. What is your information source? Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 20 What is the amount of retained earnings as of December 31, 2021? Retained earnings as of December 31, 2021 58,200
Q: Question 7 A list of account balances for “Amara Inc” as at the 30th June 2020 is shown below.…
A: Owners' Equity: It is one of the three elements of the balance sheet, where, Assets = Liabilities +…
Q: a. Prepare a retained earnings statement for the month ended December 31, 2020. Remember to complete…
A: Retained earnings: The retained earnings contain a portion of the net income that is retained by the…
Q: Ch2 Question 2: This is an example of how the date in the three-line header of the balance sheet…
A: The following transactions give information about certain aspects of the financial statements.
Q: 1(a) Prepare the Income statement for the year ended December 31. 1(b) Prepare the statement of…
A: Preparing financial statements from adjusted trial balance: Income statement: All revenue and…
Q: Required: 1. Prepare an income statement and statement of retained earnings for the year ended…
A: 1. Income statement Revenue earned $170,000 Less: Expenses Income tax expense -6000…
Q: PART 1- STATEMENT OF FINANCIAL POSITION 1. Below is the post-closing trial balance of Lorvien…
A: Post-closing trial balance is the one under which only the final balances of assets, liabilities,…
Q: QUESTION 4 Jim's Jambs, Inc., recorded an adjusting entry for the $15 of interest it owes on its…
A: The accrued interest is the interest due for payment but not paid yet.
Q: a. Prepare the necessary closing entries on December 31 of the current year. b. If Fick’s Retained…
A: Closing entries means the entries to be made on the closing of any particular period . All revenue…
Q: Question 2 part c, d, e only
A:
Q: REQUIRED - QUESTION 2 2.1 Prepare the statement of changes in equity of TLCM Ltd for the year ended…
A: Talk Less Chat More Ltd. (TLCM) Statement of changes in equity for the year ended 28th February,…
Q: 1-b. Prepare balance sheet for the business as of the end of 2020. LECLAIRE DELIVERY SERVICES…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: 1-2 Please state what financial statement(s) the following accounts go on 1) Net income 2) End…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: campi Traders as at 28 February 2022. Note: The Statement of Comprehensive Income and the
A: The statement of financial position as,
Q: Exercise 2-26 (Algo) Preparing a statement of retained earnings LO P1 Use the above information to…
A: As both of these questions are inter-linked. So, I have solved Exercise: 2-25 first . Then I have…
Q: 2a. What is the amount of equity at the beginning of the year for Company B? 2b. What is the amount…
A: A firm's equity, often known as stockholders' equity, seems to be the net differences between a…
Q: . S1: A change in accounting estimate is accounted for as a prior period adjustment to the opening…
A: Hey there since you have posted multiple questions, we can answer only first three questions, please…
Q: 1_ Prepare trading account for the year ended in August, 31,2018. 2 Prepare trading statement for…
A:
Q: l balance, additional information and adjustments given below were extracted from the records of…
A: The statement of comprehensive income as,
Q: The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Q2: The below selected information is taken from the work sheet for United Company at its year-end.…
A: Closing Capital Balance = Opening capital balance - Withdrawals +/- Net Profit/Loss
Q: Answer Question 2
A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Required: 1.1 Prepare the current account of Michael as at 30 June 2021. 1.2 Prepare the statement…
A: While making accounts of partnerships, there are two separate accounts current account and capital…
Q: a) Prepare a worksheet showing the October transactions and the October accrual adjustments for the…
A: Unearned Revenue is the cash received in advance for the products to be delivered in the future or…
Q: A) Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.…
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. It tells…
Q: Q 3: From the following balances taken from the books of Ahmad, Prepare trading and profit and loss…
A: Salary expense=Salaries+Outstanding salaries=Rs 29,500 + Rs 654=Rs 30,154
Q: Activity 2. Fill it up! The following balances were retrieved from the records of Toledo Corp for…
A: Statement of changes in equity - This statement shows how the equity and owners capital has been…
Q: Problem 3 i Using the following Adjusted Trial Balance prepare an Income Statement, Retained…
A: Financial Statements: Financial Statements represent a formal record of the financial activities of…
Q: #11:From the following Company XYZ's adjusted trial balance, prepare simple financial statements, as…
A: Income statement is a statement prepared by the company to know its profit during the particular…
Q: IV. The adjusted Trial balance for Spruce Up Catering, Inc., is present next. Prepare (1) the income…
A: Required statements are shown below:
Q: QUESTION 2 Prepare the Statement of Changes in Equity for the year ended 28 February 2021.
A: The answer is shown as:
Q: Question 1 Q.1.1 Study the extract from the statement of comprehensive income of Sandton Traders for…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Parrish 1-3 #3 I need the equation to solve how to find the amount of Dividends declared Revenue for…
A: Retained earnings: Retained earnings are that portion of profits which are earned by a company but…
Q: 2. LO 4.5 From the following Company Z adjusted trial balance, prepare simple financial statements…
A: Income Statement: The Income Statement is one of a company’s core financial statements that show…
Q: Question 1 The financial statement columns of the worksheet for Abdullah Company as of December 31,…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: 2. Prepare the Income statement for the year ended December 31st, 2007 3. Prepare the Statement of…
A:
Q: List 2 impacts the following transactions would have on the accounting equation: Assets =…
A: Solution:- Discussion of Impacts on the following transactions would have on the accounting equation…
Q: 1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…
A: Ledger account: It is used to record the business transactions that were made during a financial…
Q: Q4. A business prepares its financial statements for the year to 31 October. It pays rent quarterly…
A: Accounting System - A technique used by accountants to manage and keep track of transactions…
Q: Exercise 2-11 (Algo) Understanding financial statement relationships LO 2-2, 2-3 The information…
A: Accounting Equation :— It is the relationship between assets, liabilities and owner's equity.…
Q: Required: a. Prepare an income statement for the year ended December 31, 20xx. b. Evaluate your…
A: Income statement: A financial statement prepared by the business entity that reports the income and…
Q: Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare…
A: Here we Used the Concept of Income Statement , Owner' Equity, Balance Sheet Income Statement is…
Q: Required: 3.1 Prepare the post-adjustment trial balance of Fling Incorporated for the financial year…
A: The list which shows the balances of the general ledger accounts after making the adjustments is the…
Q: Reqúired: 1. Prepare the journal entries to record the transactions. 2. Prepare the statement of…
A: Retained earnings is that earning which is retained for future project and is not issued as…
Q: Required: 1. Prepare a multiple-step income statement combined with a reconciliation of retained…
A: The multi-step income statement is prepared by computing the gross profit, and the net income is…
Q: Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b.…
A: Revenue and expense are recorded from period to period however its balance at the year end is not…
Q: Exercise 1-12 a-b (Part Level Submission) The following information relates to Larkspur, Inc. for…
A:
Complete this question by entering your answers in the tabs below.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
- Can you please help me find what amount should be reported as income before tax in the financial statements? 1. The financial statements of Kare-Kare Company for the calendar year ending December 31, 2021 are authorized for issue on March 30, 2022. Income before tax was computed at P50,000,000 before the following events occurred in the company: a. The company had investments in shares held for trading which were recorded at the fair value of P600,000 on December 31, 2021. During the period up to March 1, 2022, there was a steady decline in the fair value of all the shares in the portfolio, and on March 1, 2022, the fair value had fallen to P500,000. b. A customer owing the company P300,000 filed for bankruptcy on February 2, 2022. The company included in its financial statements an allowance for doubtful accountsp ertaining to this customer of P100,000. c. A shipping vessel of the company with a carrying amount of P10,000,000 was destroyed at sea because of the missile fired by the…These are some information for the balance sheet as of December 31, 2019 of MUST Corp.Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500Stock dividends payable 60,000Accrued expenses 7,800Reserve for contingencies 20,000Overdraft in Security Bank checking account 6,200Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,2019 of MUST Corp.?Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Account Form 1. ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2. BONDS PAYABLE 5,000,000.00 3. CASH AND CASH EQUIVALENTS 2,500,000.00 4. CURRENT INCOME TAX PAYABLE 589,660.00 5. INTANGIBLE ASSETS, NET 2,654,700.00 6. INVESTMENT IN ASSOCIATE 1,890,600.00 7. INVESTMENT IN PROPERTY 1,968,740.00 8. INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9. LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND…
- Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Report Form 1. ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2. BONDS PAYABLE 5,000,000.00 3. CASH AND CASH EQUIVALENTS 2,500,000.00 4. CURRENT INCOME TAX PAYABLE 589,660.00 5. INTANGIBLE ASSETS, NET 2,654,700.00 6. INVESTMENT IN ASSOCIATE 1,890,600.00 7. INVESTMENT IN PROPERTY 1,968,740.00 8. INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9. LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND OTHER…Louie Makulet Corporation provided the following balances on December 31, 2020 which has been adjusted except for income tax expense: Cash 600,000Accounts Receivables 3,500,000Prepaid taxes 450,000Property, plant and equipment, net 1,510,000Note payable due in December 21, 2022 1,620,000Share Capital 750,000Share premium 2,030,000Retained Earnings, unappropriated 900,000Retained Earnings, restricted for notes payable 160,000Revenue 6,680,000Cost and Expenses 5,180,000 During 2020, estimated tax payments of P450,000 were charged to prepaid taxes. The entity has not recorded income taxexpense. There were no temporary or permanent differences. The tax rate is 30%.On December 31, 2020, what amount should be reported as:1. Total current assets?2. Total non-current assets?3. Total Retained earnings? Please show solution. Thank you.provided the following information on December 31, 2021: Accounts payable, net of creditors’ debit balance of P 200,000…P 2,000,000 Accrued expenses……………………………………………………... 800,000 Bonds payable due December 31, 2023……………………………. 4,500,000 Premium on bonds payable………………………………………….. 500,000 Deferred tax liability………………………………………………….. 500,000 Income tax payable…………………………………………………… 1,100,000 Cash dividend payable………………………………………………. 600,000 Share dividend distributable………………………………………… 400,000 Notes payable-6% due March 1, 2022…………………………….. 1,500,000 Notes payable-8% due October 1, 2022………………………….. 1,000,000 The financial statements for 2021 were issued on March 1, 2022. On December 31, 2021, the 6% note payable was refinanced on a long-term basis. Under the loan agreement, the entity has the right on December 31, 2021 to roll over the 8% note payable for at least 12 months after December 31,2021. At what amount…
- An entity provided the following information on December 31, 2020: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2021 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note payable – 6%, due March 1, 2021 1,500,000 Note payable – 8%, due October 1, 2021 1,000,000 The financial statements for 2020 were issued on March 31, 2021. On March 1, 2021, the 6% note payable was refinanced on a long-term basis. Under the loan agreement for the 8% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2020. What amount should be reported as total current liabilities?The Statement of Financial Position of Sam as at 30 July 2021 showed the following assets and liabilities: 2021 2020 Assets $ $ Cash 15 000 12 500 Accounts receivables 30,000 40,000 Allowance for doubtful debts (3,000) (5,000) Inventory 13,500 10,500 Rent Receivable 7,000 7,500 Plant 100,000 100,000 Accumulated Depreciation - Plant (40,000) (30,000) Deferred Tax Asset ? 3,400 Liabilities Accounts Payable 19,000 16,000 Unearned rent revenue 5,000 3,500 Provision for annual leave 2,500 2,000 Deferred Tax Liability ? 5,200 Additional information a. Accumulated depreciation of plant for tax purposes was $55,000 as at 30 July 2021. b. The tax rate is 30%. Question Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 July 2021.The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest receivable on its December 31, 2020 statement of financial position and P10,000 on December 31, 2019. The interest revenue to be reported in the Company’s statement of comprehensive income for 2020 is?