Please fill in the missing amount and explain the formula you used. The more detailed explanation of the process is appreciated.1) Revenue for 2008 $8,000Dividends Declared $1,000Expenses for 2008 $3,000January 1 RE Balance $5,000December 31 RE Balance ?2) Revenues for 2008 $3,000Dividends declared in 2008 $2,000Expenses for 2008 $1,000January 1 retained earnings balance ?December 31 RE balance $6,0003) Revenues for 2008 $5,000Dividends declared in 2008 ?Expenses for 2008 $4,000January 1 RE balance $8,000December 31 RE balance $3,0004) Revenues for 2008 $6,000Dividends declared for 2008 $0Expenses for 2008 ?January 1 RE balance $12,000December 31 RE balance $8,0005) Revenues for 2008 ?Dividends declared in 2008 $3,000Expenses for 2008 $6,000January 1 RE balance $8,000December 31 RE balance $9,000

Question

Please fill in the missing amount and explain the formula you used. The more detailed explanation of the process is appreciated.

1) Revenue for 2008 $8,000
Dividends Declared $1,000
Expenses for 2008 $3,000
January 1 RE Balance $5,000
December 31 RE Balance ?
2) Revenues for 2008 $3,000
Dividends declared in 2008 $2,000
Expenses for 2008 $1,000
January 1 retained earnings balance ?
December 31 RE balance $6,000
3) Revenues for 2008 $5,000
Dividends declared in 2008 ?
Expenses for 2008 $4,000
January 1 RE balance $8,000
December 31 RE balance $3,000
4) Revenues for 2008 $6,000
Dividends declared for 2008 $0
Expenses for 2008 ?
January 1 RE balance $12,000
December 31 RE balance $8,000
5) Revenues for 2008 ?
Dividends declared in 2008 $3,000
Expenses for 2008 $6,000
January 1 RE balance $8,000
December 31 RE balance $9,000

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: otals of various columns from the work sheet are shown below. What is the net income or loss?   ...

A: Click to see the answer

Q: I'm having trouble finding the missing values for the on company and off company sections, letters a...

A: Click to see the answer

Q: At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the v...

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the produc...

Q: Ted earned $150,000 during the current year. He paid Alice, his former wife, $75,000 in alimony. The...

A: Alimony:Alimony is a fixed amount of money wherein, the court orders a person to make payment for hi...

Q: The abnormal spoilage is 300 units and the cost per equivalent unit is $2 for direct materials and $...

A: Abnormal spoilage needs to be reported seperately in the financial statements whereas normal spoilag...

Q: The following selected transactions occurred for Corner Corporation:  Feb. 1   Purchased 450 shar...

A: Treasury stock:Shares which are purchased back by the company and held in treasury is referred to as...

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $35. At present, t...

A: Note: The answers provided by you for the first 3 requirements are correct. Hence, I am solving from...

Q: Mary Potts arrived at her stored on the morning of January 29, she found empty shelves and display r...

A: The perpetual inventory method and periodic inventory method are the methods used to count the quant...

Q: The following selected data were taken from the financial statements of Vidahill inc

A: Click to see the answer

Q: The auditors of Steffey Ltd., decided to study the cash receipts and disbursements for the month of ...

A: The balances as per bank statement and as per general ledger can be reconciled by adding and subtrac...

Q: GIFFCO contracted with the investment bank X.M. Retzoff to issue 25 million of short-term paper. The...

A: When debt securities are issued at commission, the fees and commission are deducted from the net pro...

Q: Required information Problem 14-44 (LO 14-2) [The following information applies to the questions dis...

A: Dividend Income:It refers to any allocation of company incomes to shareholders from stocks or mutual...

Q: At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing o...

A: Under standard costing, overhead rates are initially recorded at budgeted rates. However, at the end...

Q: 11.4Calculate financial leverage measures The following information was available for the year ended...

A: Calculate the debt ratio.

Q: Required information Problem 14-44 (LO 14-2) The following information applies to the questions disp...

A: Tax basis is the value of an asset that is used for computing gain or loss when the asset is sold. I...

Q: Hello, Crichton Publications uses the accounting rate of return method to evaluate proposed capital ...

A: Accounting rate of return is computed by dividing the net increment in accounting income by the init...

Q: Regarding taxpayers having a tough time of volume of tax regulations. What does the concept "substan...

A: Substance over form: It is an accounting concept, which means that the business must record those tr...

Q: Bob and Ted are partners. Bob is a 70% partner and Ted is a 30% partner. They have decided to liquid...

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed ...

Q: Which of the following is correct? The gain basis for property received by gift is the lesser of th...

A: The tax basis of inherited or gifted property: Various tax rules are given under Federal tax in orde...

Q: Page 1 of 2

A: Compute variable components of shipping expense: 

Q: Walt Bach Company has accumulated the following budget data for the year 2019. Sales: 40000 units, ...

A: The budgeted income statement shows all the budgeted revenues and expenses for the period for which ...

Q: xample #6 The company received a bill for December’s utilities on January 5. The bill was for $235. ...

A: Matching principle: As per this principle, the business entity should report an expense on its incom...

Q: exercise 12-7 Shown below are comparative balance sheets for Sandhill Company. Sandhill Company...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Swifty Industries is considering the purchase of new equipment costing $432,000 to replace existing ...

A: Net present values is the difference between present value of inflows of cash and present value of o...

Q: On January 1, 2018, the Mason Manufacturing Company began construction of a building to be used as i...

A: Capitalized Interest: Capitalized Interest refers to the interest charge on the acquisition of long ...

Q: On January 2, 2019, Twilight Hospital purchased a $96,400 special radiology scanner from Crane Inc. ...

A: Click to see the answer

Q: Early in the year Bill Sharnes and several friends organized a corporation called Sharnes Communicat...

A: Journal entries means writing down the transaction that takes place in a business, in the journal of...

Q: I understand th accounting equation is: Liabilities + Stock Holders’ Equity = Assets How do you prep...

A: Transaction: A transaction is a business event which has a monetary value that creates an impact on ...

Q: Exercise 8-5 Waterway Industries has accounts receivable of $98,600 at March 31, 2017. Credit terms...

A: Calculating the value of total estimated uncollectible. We have,

Q: Sandhill Co. sold $5,325,000, 9%, 15-year bonds on January 1, 2017. The bonds were dated January 1, ...

A: Bonds are generally long-term debt. The company issue bonds for investment purpose and paid interest...

Q: FB Manufacturing Company is a partnership among Yolando Gonzalez, Willies Todd, and Linda Walkers. T...

A: Partnership: A partnership is that type of business in which two or more person share loss and profi...

Q: I am resubmitting this question as it was not fully answered and it did not have the correct answers...

A: 1. As per general accepted accounting principles, the absorption method is followed in the preparati...

Q: Problem 12-3Information concerning Marigold Corporation’s intangible assets is as follows. 1. On Jan...

A: The expenses can be classified as follows : 

Q: Hello, I attempted this problem but my values are not correct. Can you help me solve this? Thanks!

A: Break-even analysis is the easiest form of cost-volume-profit analysis. Break-even analysis is used ...

Q: I've tried this problem twice and keep getting the wrong answer. The first time I did it I got 70,10...

A: Step 1: Prepare a schedule of change in current assets and current liabilities:

Q: 7LO 3Bank reconciliation Prepare a bank reconciliation as of October 31 from the following informati...

A: Bank Reconciliation statement identifies the difference between the cash balances as per Bank statem...

Q: How to determine cash portion of retained earnings

A: Retained earnings are that part of profit which is reinvested in the business. It is the amount left...

Q: Why is establishing accounting standards is characterized as a political process? This is a Learning...

A: The new standards and the principles set by the authorities are influenced by many factors similar t...

Q: Problem 12-2Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that pre...

A: The question can be answered in the following manner :

Q: These transactions took place for Sheffield Corp. 2016     May 1   Received a $4,600, 12-month,...

A: The transactions can be journalized in the following manner : 

Q: The company received a bill for December’s utilities on January 5. The bill was for $235.   So at 12...

A: Adjusting entries:Adjusting entries are made at the end of each accounting period, to record the rev...

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax exclusion...

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs ...

Q: Required information Problem 14-44 (LO 14-2) The following information applies to the questions disp...

A: Calculating the value of total taxable income and federal income tax. We have,

Q: [The following information applies to the questions displayed below.]The December bank statement and...

A: Preparation of the adjusting journal entries after the reconciliation statement. We have,

Q: Rida, Inc., a manufacturer in a seasonal industry, is preparing its direct materials budget for the ...

A: Direct material budget: Direct material budget shows how much raw material purchase for the manufact...

Q: Carmen had worked for Sparrow Corporation for thirty years when she died of a heart attack at age 60...

A: In favour of the first question regarding whether the payments made by Sparrow Corporation must be t...

Q: Can you explain the solution below ? how did they calculate the sales revenue ? It doesn't make sens...

A: This budget can be understood in the following manner :

Q: The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are prese...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...

Q: Suppose your company reports $200 of net income and $48 of cash dividends paid, and its comparative ...

A: 1. Cash flow from operating activities include all activities that are required in the day to day op...

Q: for each of the 5 transation, state whether  the transaction represented revenue to the firm during ...

A: Revenue transactions mean the transactions which are incidental to the operational activities of the...