Using the adjusted balances, prepare a statement of changes in equity. (Enter your answers in thousands of dollars. Negative answers should be indicated by minus sign.)Has an Earnings per share of $4.00 (7000 shares) 4-b. Using the adjusted balances, prepare a statement of changes in equity. (Enter your answers in thousands of dollars. Negativeanswers should be indicated by minus sign.)CAYUGA LTD.Statement of Retained EarningsFor the Year Ended December 31(in thousands of dollars)Balance, January 1Net earningsDividends declaredBalance, December 31$2828 Account TitlesCashAccounts receivablePrepaid insuranceMachineryAccumulated depreciationAccounts payableWages payableIncome taxes payableContributed capitalRetained earnings (deficit)Revenues (not detailed)Expenses (not detailed)TotalsCAYUGA LTD.Trial BalanceAs at December 31(in thousands of dollars)UnadjustedDebit$56279140750$ 289Credit$1427119129$289AdjustmentsDebit5151Credit771027AdjustedDebit Credit$ 562721407$2127102711912910151 $ 333 $ 333

The retained earnings are the cumulative profits of the business. The retained earnings are…

Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Totals Debit $ 56 27 9 140 7 Credit $ 14 27 119 129 50 $289 $289 Debit Credit Debit Credit $ 56 27 51 51 7 7 10 27 ▶▶▶ 2 140 7 $ 21 27 10 27 119 129 101 51 $333 $ 333

Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Totals Debit $ 56 27 9 140 7 Credit $ 14 27 119 129 50 $289 $289 Debit Credit Debit Credit $ 56 27 51 51 7 7 10 27 ▶▶▶ 2 140 7 $ 21 27 10 27 119 129 101 51 $333 $ 333

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.3P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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