Question

How do I find retained earnings without the net income? I am attaching the homework problem with the information given in the problem

s
Powered by Bb
eCampus
ePortfolios Community Content Collection
HW Assignment 1
enu
Determining Retained Earnings and Net Income
The following information appears in the records of Bock Corporation at year-
end:
Accounts Receivable $28,000 Retained Earnings
Accounts Payable 12,000 Supplies
Cash
Common Stock
$?
8,000
7,000 Equipment, net 145,000
115,000
a. Calculate the balance in Retained Earnings at year-end.
b. If the amount of the retained earnings at the beginning of the year was
$38,000 and $13,000 in dividends is paid during the year, calculate net income
for the year
expand button
Transcribed Image Text:s Powered by Bb eCampus ePortfolios Community Content Collection HW Assignment 1 enu Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year- end: Accounts Receivable $28,000 Retained Earnings Accounts Payable 12,000 Supplies Cash Common Stock $? 8,000 7,000 Equipment, net 145,000 115,000 a. Calculate the balance in Retained Earnings at year-end. b. If the amount of the retained earnings at the beginning of the year was $38,000 and $13,000 in dividends is paid during the year, calculate net income for the year
Expert Solution

Want to see the full answer?

Check out a sample Q&A here
Blurred answer
Students who’ve seen this question also like:
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Not helpful? See similar books
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Financial Statements And Business Decisions. 1Q
marketing sidebar icon
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.

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Required Information Use the following information for exercise 15 to 18 LO P2 [The following…

A: The income statement is prepared to record revenues and expenses for the current period and find net…

Q: Required information [The following Information apples to the questions dlisplayed below.)…

A: Account means the systematic record of various transactions entered by businesses. Income statement…

Q: I need help figuring out the correct journey entries for the items  4d & 10j. Problem#8.…

A: 4 d. Required journal entry is:

Q: Required information Use the following information for exercise 15 to 18 LO P2 [The following…

A: Lets understand the basics. Income statement is prepared by the organization to  know the income,…

Q: Preparing an income statement C3 P3 August 31, the company's records show the following selected…

A: Income Statement:- Income: Amount ($) Dividend 6000 Consulting fees earned 27000 Total…

Q: mоmmg uprаruma camештаuо The following data (in thousands) were taken from recent financial…

A: a. Calculate the working capital for year 2 and year 1

Q: Instructions Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following…

A: Retained Earnings are those earnings which helps the entity in distributing their profit in the form…

Q: Requirement 1. Prepare the income statement of Smith Consulting, Inc. for the month en Assets…

A: Balance sheet is the financial statement of a company. It helps in maintaining the records of…

Q: Q2: The balance sheet items of Mercer Company as of December 31, 2011, follow in random order. You…

A: The balance sheet is based on the fundamental equation:- Assets= Liabilities + Equity

Q: $ 14,890 Cash dividends 12, 820 Consulting revenue 2, 290 Rent expense 16, 900 Salaries expense 45,…

A: Statement of retained earnings is not a standalone financial statement but it is prepared and shown…

Q: Review the following financial information. Ruby Corp. Little Co. Byrne, Inc. E (Click the icon to…

A: Financial statements are the reports prepared for the purpose of depicting the position of cash,…

Q: Read CA4-7 in the end of chapter materials.  Answer questions a), b) & c).  CA4-7.…

A: Answer a: Here, J corporation is Jenkins Corporation & N is Nelson.

Q: pS-cF-to-cepital expencli teres=cf frem ops actiutio s Annuel net cepitel expercldures @ Cambridge…

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

Q: Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial…

A: The following calculations are done in the records of Maben Company to show the effects of the…

Q: ASSIGNMENT 1 COMPREHENSIVE PROBLEM DUE OCTOBER 8 AT 11:55 PM Below are the summarized statements of…

A: All amount are in $.

Q: Question 2 1. Fill in the missing amounts which correspond with a letter for each company. Alpha…

A: Income Statement: An income statement is a financial statement prepared by a company to report their…

Q: Question 7 A list of account balances for “Amara Inc” as at the 30th June 2020 is shown below.…

A: Owners' Equity: It is one of the three elements of the balance sheet, where, Assets = Liabilities +…

Q: M2 Project wVU MIX Username: Shareholders' Equity Diagnostic Check: Assets Liabilities Do you intend…

A: Assets=Liabilities+Equity

Q: Can I get help plz and can you email me I have 2 more questions if possible gutierrezfj48@yahoo.com

A: As per guide lines, answers cannot be sent through emails. Kindly access bartleby site.

Q: roject wVU MIX Username:o Shareholders' Equity Account Liabilities Assets Yes Do you intend to major…

A: Earned but not collected from customers=Amount charged customers from selling inventory-Cash…

Q: Exercise 1: Record the following transactions of Sur Company in the respective day book. Also…

A: Journal entries indicate the record of day to day business transactions for a specific time…

Q: OB The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue a…

A: The financial statements of the business includes the income statement and balance sheet for the…

Q: 3. Service Revenue. 4. Accounts Receivable. 5. Share Capital-Ordinary 6. Dividends. rvices, for the…

A: Journal entry:-Way of recording any transaction of a company with debit and credit side. It works on…

Q: Exercise 1-23 (Algo) Linking the income statement and statement of retained earnings LO P2 Terrell…

A: Income statement is one of the financial statement which shows all incomes and all expenses of the…

Q: Problem 4-23 (Algo) Calculate income from operations and net income LO 6, 7 Selected information…

A: Every business prepares and closes its books of account at the end of the period. Its main purpose…

Q: View Policies Current Attempt in Progress Van Occupanther is the bookkeeper for Roscoe Company. Van…

A: The question is based on the concept of Final Accounts.

Q: Chapter 1 Introduction to Accounting and Business EX 1-27 Ratio of liabilities to stockholders'…

A: The ratio of Liability to Stockholder's Equity is also named as D/E ratio, which is evaluated…

Q: Chapter 1 Introduction to Accounting and Business EX 1-27 Ratio of liabilities to stockholders'…

A: Shareholder’s Equity represents the ownership of company’s resources in the form of small separable…

Q: Activity 2: Prepare a vertical analysis of DEF Statement of Financial Position and Statement of…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Financial information related to Ebony Interiors for February and March 20Y3 is as follows: February…

A: The balance sheet is the statement of financial position of the business.

Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…

A: Recording of the financial transactions according to dual entity concept is called Journal.

Q: Required information Use the following information for exercise 15 to 18 LO P2 [The following…

A: Retained earnings are an important principle in accounting. The term refers to a firm's future…

Q: Problem #12 Recording Transactions in a Financial Transaction Worksheet Stephanie Calamba is the…

A: An accounting equation is a mathematical representation of a financial transaction, which proovs…

Q: Requirement 1. Compute the missing amount for Fugazy Company. You will need to determine Retained…

A: Assets-Liabilities=Equity

Q: 10:06 AM Several transactions are listed. Use the choices to identify the effect on the accounting…

A: The accounting equation is shown by the following formula Assets=Liabilities+Owner's Equity.So,…

Q: The ending Retained Earnìngs balance of Lambert Inc, increased by $3.2 million from the beginning of…

A: The dividends paid by the company is recorded in the changes in the equity statement for a…

Q: 26. From the following Trial Balance, prepare Trading and Profit and Loss Account for the year ended…

A: The trading and profit and loss statement tells about the profit and loss incurred during the…

Q: Calculate the missing amount for each of the following situations

A: Retained earnings: Retained earnings are that portion of profits which are earned by a company but…

Q: Sephfem Inc Exercise Sephfem Inc engages in the following transactions: Year 1 Year 2 Issues common…

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Knowledge Booster
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
  • FINANCIAL ACCOUNTING
    Accounting
    ISBN:9781259964947
    Author:Libby
    Publisher:MCG
    Accounting
    Accounting
    ISBN:9781337272094
    Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
    Publisher:Cengage Learning,
    Accounting Information Systems
    Accounting
    ISBN:9781337619202
    Author:Hall, James A.
    Publisher:Cengage Learning,
  • Horngren's Cost Accounting: A Managerial Emphasis...
    Accounting
    ISBN:9780134475585
    Author:Srikant M. Datar, Madhav V. Rajan
    Publisher:PEARSON
    Intermediate Accounting
    Accounting
    ISBN:9781259722660
    Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
    Publisher:McGraw-Hill Education
    Financial and Managerial Accounting
    Accounting
    ISBN:9781259726705
    Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
    Publisher:McGraw-Hill Education
  • FINANCIAL ACCOUNTING
    Accounting
    ISBN:9781259964947
    Author:Libby
    Publisher:MCG
    Accounting
    Accounting
    ISBN:9781337272094
    Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
    Publisher:Cengage Learning,
    Accounting Information Systems
    Accounting
    ISBN:9781337619202
    Author:Hall, James A.
    Publisher:Cengage Learning,
    Horngren's Cost Accounting: A Managerial Emphasis...
    Accounting
    ISBN:9780134475585
    Author:Srikant M. Datar, Madhav V. Rajan
    Publisher:PEARSON
    Intermediate Accounting
    Accounting
    ISBN:9781259722660
    Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
    Publisher:McGraw-Hill Education
    Financial and Managerial Accounting
    Accounting
    ISBN:9781259726705
    Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
    Publisher:McGraw-Hill Education