! Required information [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December. Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock HELP TODAY Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 Add: Net income $ Less: Dividends Use the above information to prepare a December statement of retained earnings for Help Today. The Retained Earnings account balance at December 1 was $0. Hint: Net income for December is $10,470. X Answer is not complete. ✔ $ 25,360 Dividends 22,360 Consulting revenue 5,250 Rent expense 20,000 Salaries expense 44,000 Telephone expense 10,500 Miscellaneous expenses 102,000 ✔ $ 0✔ 10,470 10,470 (6,000) ✔ $ 6,000 27,000 4.470 9,550 5,600 860 520

! Required information [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December. Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock HELP TODAY Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 Add: Net income $ Less: Dividends Use the above information to prepare a December statement of retained earnings for Help Today. The Retained Earnings account balance at December 1 was $0. Hint: Net income for December is $10,470. X Answer is not complete. ✔ $ 25,360 Dividends 22,360 Consulting revenue 5,250 Rent expense 20,000 Salaries expense 44,000 Telephone expense 10,500 Miscellaneous expenses 102,000 ✔ $ 0✔ 10,470 10,470 (6,000) ✔ $ 6,000 27,000 4.470 9,550 5,600 860 520

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.6MCP

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