PROGRES S CONSULTINGStatement Of Retained EarningsFor The Year Ended December 31, 20X1 For the past several years, Aaron Jones has operated a consulting business from his home on a part-time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate hisbusiness as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of$1 par value common stock. Progress Consulting entered into the following transactions duringDecember:Aaron Jones invested the following assets in the business: cash, $6,500; supplies,$1,250; and office equipment, $27,900. Mr. Jones received common stock in anamount equal to his investment.1st2ndPaid $4,500 for rent for December 20X1 through February 28, 20X2.3rdPaid $1,800 for a one year premium on property and casualty insurance. Thepolicy covers the period December 1, 20X1 to November 30, 20X2Received $3,500 cash from a client as an advance payment for services to beperformed in the future.5thPurchased additional office equipment on account from Payne Company for$1,800.10thPaid $2,300 for a newspaper advertisement.11thPaid Payne Company for part of the debt incurred on December 5, $900.12thBilled clients for services performed on account, $1,200.17thReceived cash payment from client for services performed on this date, $8,451.*Paid $1,151 for supplies.18thBilled clients for services performed on account, $1,100.20th24thReceived cash payment from client for services performed on this date, $1,850.Received cash from clients as payment on account, $1,300.25th30thPaid $330 for utilities for December.Paid cash dividend of $2,45) .*31stS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT!are three numbers in the project that you must fill in to complete the project. These numbeLand have an asterisk symbol at the end of their lin1a (i o

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Asked Feb 16, 2020
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How do I set up a statement of retained earnings from the information provided? 

PROGRES S CONSULTING
Statement Of Retained Earnings
For The Year Ended December 31, 20X1
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PROGRES S CONSULTING Statement Of Retained Earnings For The Year Ended December 31, 20X1

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For the past several years, Aaron Jones has operated a consulting business from his home on a part-
time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his
business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of
$1 par value common stock. Progress Consulting entered into the following transactions during
December:
Aaron Jones invested the following assets in the business: cash, $6,500; supplies,
$1,250; and office equipment, $27,900. Mr. Jones received common stock in an
amount equal to his investment.
1st
2nd
Paid $4,500 for rent for December 20X1 through February 28, 20X2.
3rd
Paid $1,800 for a one year premium on property and casualty insurance. The
policy covers the period December 1, 20X1 to November 30, 20X2
Received $3,500 cash from a client as an advance payment for services to be
performed in the future.
5th
Purchased additional office equipment on account from Payne Company for
$1,800.
10th
Paid $2,300 for a newspaper advertisement.
11th
Paid Payne Company for part of the debt incurred on December 5, $900.
12th
Billed clients for services performed on account, $1,200.
17th
Received cash payment from client for services performed on this date, $8,451.*
Paid $1,151 for supplies.
18th
Billed clients for services performed on account, $1,100.
20th
24th
Received cash payment from client for services performed on this date, $1,850.
Received cash from clients as payment on account, $1,300.
25th
30th
Paid $330 for utilities for December.
Paid cash dividend of $2,45) .*
31st
S IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT!
are three numbers in the project that you must fill in to complete the project. These numbe
Land have an asterisk symbol at the end of their lin
1a (i o
help_outline

Image Transcriptionclose

For the past several years, Aaron Jones has operated a consulting business from his home on a part- time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during December: Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 1st 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,451.* Paid $1,151 for supplies. 18th Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. Received cash from clients as payment on account, $1,300. 25th 30th Paid $330 for utilities for December. Paid cash dividend of $2,45) .* 31st S IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT! are three numbers in the project that you must fill in to complete the project. These numbe Land have an asterisk symbol at the end of their lin 1a (i o

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Expert Answer

Step 1

Prepare a statement of retained earnings for year ended December 31, 20X1 as shown below:

 

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