
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I need to find the Dec 31
Please tell me the 12/31 Retained Earnings balance and how you came to that solution. Thanks!
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- I already got helped with the first three parts. I got advised to repost the question to get the two other parts figured (Income statement and balance sheet). "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-parts solved, please repost the complete question and mention the sub-parts to be solved." Requirement: 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15). Income Statement: Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Balance Sheet: The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is…arrow_forwardA noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%. Determine the proceeds of the sale. Add 3 days grace period. Select one: a. $14184.71 b. $12193.87 c. none d. $13189.29 Checkarrow_forward! Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable Equipment Accounts payable Common stock $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue LAWSON CONSULTING Statement of Retained Earnings $ Use the above information to prepare a December statement of retained earnings for Lawson Consulting. The Retained Earnings account balance at December 1 was $0. Hint. Net income for December is $5,800. 0 $ 3,400 17,700 0 3,900 8,000arrow_forward
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