Question

This is the second time I am asking for help for the following. The first answer I received was not thorough or detailed enough to explain each transaction that needed to be taken and what that transaction/method was. Also there were tons of typos, which made it even more difficult to make sense of the answer I was given. Your thoroughness and a tad better typing skills than the first individual to answer my question would be great!!

1) Revenues for 2008= $8,000

Dividends declared 2008= $1,000

Expenses 2008= $3,000

January 1 Retained Earnings= $5,000

December 31 Retained Earnings= Unknown

2) Revenues for 2008= $3,000

Dividends for 2008= $2,000

Expenses for 2008= $1,000

1/1 Retained Earnings= unknown

12/31 Retained Earnings= $6,000

3) Revenue 2008= $5,000

Dividends 2008= Unknown
Expenses 2008= $1,000
1/1 Retained Earnings $8,000
1231Retained Earnings $3,000
4) Revenue 2008= $6,000
Dividends 2008=0
Expenses 2008= Unknown

1/1 Retained Earnings= $12,000

12/31 Retained Earnings= $8,000

5) Revenue 2008= Unknown

Dividends 2008= $3,000

Expenses 2008= $6,000

1/1 Retained Earnings= $8,000
12/31 Retained Earnings= $9,000

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:
Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
Not helpful? See similar books
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Analyzing And Recording Transactions. 3TP
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: I have 4 problems that I need help finding the correct answer. In each problem an amount for the…

A: Part -1.In this part, Begining balance of Retained earnings is missing. To compute the same, the…

Q: Swell Computers is a public company that manufactures desktop and laptop computers. The components…

A: Auditors provide a reasonable level of assurance on the financial statements of the company. No…

Q: nis is a subjective question, hence you have to write your answer in the Text-Field given below. n…

A: Business intelligence is technology driven process that provides the business community easy access…

Q: ou are the newly appointed Records Manager of Transgenerational Thinkers International (GTI). After…

A: Click to see the answer

Q: Match each situation below to two applicable reasons that require an adjustment to be made. A.…

A: In the double-entry accounting system each transaction effect the two accounts. It may be expense or…

Q: Jenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Dan Crater opened a software consulting firm that immediately paid​ $28,000 for a computer system.…

A: Business expense is an amount incurred in the ordinary course of business which is divided into two…

Q: Jenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Jenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: A sheaf of papers in his hand, your friend and colleague, Akira, steps into your office and asked…

A: Click to see the answer

Q: The owner of a small business selling and repairing cars which you patronise has just received a…

A: Asset is any resource which is owned through the business or the economic entity and it can be…

Q: The owner of a small business selling and repairing cars which you patronise has just received a…

A: 1) Assets - Assets are the properties(tangible or intangible) owned by a business. They are the…

Q: The owner of a small business selling and repairing cars which you patronise has just received a…

A: The owner of a small business selling and repairing cars which you patronise has just received a…

Q: Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an…

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

Q: You are accounting manager of XYZ limited. While reviewing your junior’s work, you found the…

A: A compensating error is one of the accounting errors that nullifies the effect of another accounting…

Q: Jade Ltd is now considering how to obtain a computer software. The director of Jade Ltd has noticed…

A: Here intangible  asset is recognized for internally  generating  asset

Q: A sheaf of papers in her hand, your friend and colleague, Madison, steps into your office and asked…

A: Ratio measurement is in terms of Financial world, depicts that a single accounting figure by itself…

Q: You are an auditor at a public accounting firm. You and your team are entrusted by Partner to handle…

A: GIVEN   You are an auditor at a public accounting firm. You and your team are entrusted by Partner…

Q: You are part of a team reviewing the financial statements of a new computer company. Looking over…

A: Answer: Yes, Double-Declining-Balance method of recording depreciation seems appropriate in this…

Q: Two accountants for the irm of Elwes and Wnght are arguing about the merits of presenting an income…

A: Under multi-step income statement, the gross profit, operating profit are recognized step by step.…

Q: Shining Glass is switching to a new accounting information system.  To expedite the implementation,…

A: Accounting information system (AIS) may be referred to as a process of collecting and storing…

Q: A business purchased a computer equipment for RO 300, even though the market value has increased the…

A: Accounting concepts are those concepts, principles and guidelines which are used by all the…

Q: Hello, I need help with this assigment. You can take your time. The first 3 questions were…

A: PE ratio is a valuation measurement tool that represents how much price investors are ready to pay…

Q: At a recent luncheon, you were seated next to Mr. Fogle, the president of a local company that…

A: Definition: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on…

Q: A sheaf of papers in her hand, your friend and colleague, Chloe, steps into your office and asked…

A: The question is based on the concept of Accounting Ratios. As per the Bartleby guidelines we are…

Q: This year you obtain a new client, Lee Corporation, a regional distributor of appliances. Before…

A: The purpose of Installing the Microcomputer based Accounting system was to handling to know the…

Q: This year you obtain a new client, Lee Corporation, a regional distributor of appliances. Before…

A: The concern about the system that Lee uses after the study is as follows: Here may be a systematic…

Q: This year you obtain a new client, Lee Corporation, a regional distributor of appliances. Before…

A: In this case, there might be an orderly technique to direct an expert individual in suggesting and…

Q: This year you obtain a new client, Lee Corporation, a regional distributor of appliances. Before…

A: In this case, there might be an orderly technique to direct an expert individual in suggesting and…

Q: Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to…

A: Journal entry for purchase of Truck: DATA ACCOUNTS DEBIT CREDIT   Truck $35000…

Q: Hunt is the President of Digital Printing with investors who gave capital money of P10,000,000. You…

A: The main objective of an independent auditor is to obtain a reasonable assurance on financial…

Q: 10. ABC purchased $8,000 worth of equipment from EMT Inc.. They paid $5000 with check #105 and put…

A: As per accounting equation of the business, total assets in the business should be equal to total…

Q: You are the bookkeeper for a small but thriving business. You have asked the owner for the…

A: An adjusting entry is a journal entry made at the close of an accounting cycle in a business's…

Q: You are the bookkeeper for a small but thriving business. You have asked the owner for the…

A: Adjusting journal entries are used to record transactions that have occurred but have not yet been…

Q: You are employed as an accountant for Innovative Computing. Your company is in the process of…

A: Failure to report the information and transaction that are material for the contract agreement by…

Q: Suppose that you have been given a job as an intern at Issac Aircams, a company that manufactures…

A: Cost is defined as the amount of actual or attributable expenditure related to the product,…

Q: At a recent luncheon, you were seated next to Mr. Hopkins, the president of a local company that…

A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…

Q: Answer each of the questions below.  Due by Wednesday at 11:59 pm. What are a few of the main…

A: “Hey, since there are multiple questions posted, we will answer only one question as per our…

Q: On 9/1, Bugsy Pest Control receives $12,000 in advance to provide provide pest control services to a…

A: Receipt of advance increases unearned revenue and increases cash on 9/1.

Q: The controller of a retail company has just had a $50,000 request turned down toimplement an ABC…

A: Activity-Based Costing Systems Activity-based Costing is defined as the method of costing in which…

Q: Seeing your success, one of your friends, Greg Kommens, opened a cinnamon roll shop. He wants to buy…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Roshaun Gould started a web consulting firm called Gould Solutions. He began operations and…

A: T-account: It can be defined as a tool that is used by the business to assist in understanding the…

Q: Drag the tiles to the correct boxes to complete the pairs. Match the characteristics with their…

A: Materiality - Materiality state that every material facts must be a part of the accounting,…

Q: Robin Alper, a manager of the credit collections department for ACME Building Supplies, is extremely…

A: Definition:   System design: System design is defined as the method of explaining elements of a…

Q: Robin Alper, a manager of the credit collections department for ACME Building Supplies, is extremely…

A: System design is a process in which the system elements like components, modules or data are…

Q: Robin Alper, a manager of the credit collections department for ACME Building Supplies, is extremely…

A: System design: It can be defined as the process of designing various elements of a specified system…

Q: Tehra Dactyl is an accountant for Skeds, Inc., a footwear and apparel company. The company's revenue…

A: Business ethics: Business ethics can be defined as the business policies and practices that deals…

Q: Tehra Dactyl is an accountant for Skeds, Inc., a footwear and apparel company. The company’s revenue…

A: any personal expenses must not be reimbursed by the management to the employee as they are not…

Q: A new systems development project is being planned for Reindeer Christmas Supplies Company. The…

A: Memo: A Memo is a formal as well as internal business communication means. The purpose of a Memo is…

Q: Ethical Considerations. In the process of closing thecompany books, you encounter a problematic…

A: Accounting Ethics: It refer to those principles which ought to be followed while making financial…

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.
Similar questions
  • Damon Davis was working on a spreadsheet for the Drano Plumbing Company. He calculated that the net profit would be $50,000. He totaled the columns on the Balance Sheet as follows: debit, $400,000; and credit, $300,000. What was the most likely cause of this disparity? If this was not the case, how should he go about determining the cause of the error?
    I need help with question 4 in the accounting problem in the attached images. It says that the first job is completely finished and credited out of the WIP account to FG, but that the second job is not complete so it would remain in the WIP account. However, my professor gave a hint that the answer to question 4 was 448,920, but I do not see how he gets this number. Please help!
    I have 4 problems that I need help finding the correct answer. In each problem an amount for the different categories has been left out so I have to find the unknown number for that account. This is the second time I am submitting these problems for help. The last person not only made numerous typos making it difficult to understand but they also did not reply in a clear manner to each problem. I am labeling the problems 1) 2) 3) and 4). If you could keep that format so it is less confusing I would appreciate it. Also I feel I was given the wrong answer to one of the the problems. So I will see if you come to the same answer.Problem 1Revenue $3000Dividends $2000Expenses $10001/1 Retained Earnings-amount unknown12/31 Retained Earnings $6000Problem 2Revenue $5000Dividends-amount unknownExpenses- $40001/1 Retained Earnings $800012/31 Retained Earnings $3000Problem 3Revenue $6000Dividends $0Expenses-amount unknown1/1 Retained Earnings $1200012/31 Retained Earnings $8000Problem…
  • The following conversation took place between Durable Construction Co.'s bookkeeper, Kyle Byers, and the accounting supervisor, Sarah Nelson: Sarah: Kyle, I'm thinking about bringing in a new computerized accounting system to replace our manual system. I guess this means that you will need to learn how to do computerized accounting. Kyle: What does computerized accounting mean? Sarah: I'm not sure, but you'll need to prepare for this new way of doing business. Kyle: I'm not so sure we need a computerized system. I've been looking at some of the sample reports from the software vendor. It looks to me as if the computer will not add much to what we are already doing. Sarah: What do you mean? Kyle: Well, look at these reports. This Sales by Customer Report looks like our revenue journal, and the Deposit Detail Report looks like our cash receipts journal. Granted, the computer types them, so they look much neater than my special journals, but I don't see that we're gaining much from this…
    You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you were told the company having trouble paying bills. You ask to review the financial statements of the supplier. 1.    Which financial statements would you find most helpful to determine the creditworthiness of the supplier? What information from the financial statements would you use to either support or disprove your friend’s claims? 2.    What are the four basic financial statements? What is their purpose and what does each one tell you about a company? 3.    How are the four financial statements interrelated? Which line items are used to prepare other statements? 4.    In your opinion, explain which financial statement you think is the most important?
    Damon Davis was putting the finishing touches on the paperwork for Drano Plumbing at the time of this writing. A net profit of $50,000, he predicted, would be generated. Upon tally of the balance sheet's columns, it became clear to him how much money was in the negative column ($400,000) and how much money was in the credit column ($300,000). What was the most likely cause of the mismatch in results, according to you? If this was not the source of the problem, what should he do next in order to determine the source of the issue?
  • Swell Computers is a public company that manufactures desktop and laptop computers. The components of the financial statements are: (1) income before taxes = $500,000, (2) total assets = $2.2 billion, and (3) total revenues = $7 billion. Swell Computers' CPA firm might use the lowest percentage for total assets for determining overall materiality, but they also consider qualitative factors.   a. Determine overall materiality and tolerable misstatement. Justify your decisions.
    Good afternoon, I emailed you yesterday inquiring about missing solution on problem 14-1A in Financial and Managerial accounting book. I purchased the solution version and while working on my homework I realized that the second part on the problem I am working on is missing the solution. I am attaching complete instructions and the part where I am stuck. Would you, please, help me figure it out? Thank you
    Assume that you are the controller of a business that provides legal services to clients. Suppose that the company has had a tough year, so the revenues have been lagging behind, based on previous years standards. What would you do if your boss (the chief executive officer [CEO] of the company) asked to reclassify a transaction to report loan proceeds of $150,000 as if the cash came from service fee revenue from clients instead. Would following the CEOs advice impact the companys accounting equation? How would reclassifying this one transaction change the outcome of the balance sheet, the income statement, and the statement of retained earnings? Would making this reclassification change the perception that users of the financial statements would have of the companys current year success and future year potential? Write a memo, detailing your willingness (or not) to embrace this suggestion, giving reasons behind your decision. Remember to exercise diplomacy, even if you must dissent from the opinion of a supervisor. Note that the challenge of the assignment is to keep your integrity intact, while also keeping your job, if possible.
  • Jenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities analyst, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of computer components. During the previous year, Computron had doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Cochran was assigned to evaluate the impact of the changes. She began by gathering financial statements and other data. (Data Attached) What is Computron’s free cash flow (FCF)? What are Computron’s “net uses” of its FCF? Calculate Computron’s return on invested capital (ROIC). Computron has a 10% cost of capital (WACC). What caused the decline in the ROIC? Was it due to operating profitability or capital utilization? Do you think Computron’s growth added value? What is Computron's EVA?  The cost of capital was 10% in both years. Assume that a corporation has $200,000 of taxable income…
    I have a big project due and I am unsure if I am doing this correctly. I am attaching the spreadsheet and accounting data. Can you please check over it for me and let me know if anything is calculated wrong?   Accounting Data Appendix   The following events occurred in October:   October 1: The business owner used $25,000 from their personal savings account to buy common stock in their company.   October 1: Purchased $8,500 worth of baking supplies from vendor, on account.   October 3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.   October 7: Entered into a lease agreement for bakery space. The agreement is for one year. The rent is $1,500 per month; the last month’s rent payment of $1,500 is required at the time of the lease agreement. The payment was made in cash. Lease period is effective October 1 of this year through September 30 of the next.   October 10: Paid $375 to the county for a…
    Dan Crater opened a software consulting firm that immediately paid​ $28,000 for a computer system. Was​ Crater's computer system an expense of the​ business? If​ not, explain.
    • SEE MORE QUESTIONS
    Recommended textbooks for you
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Financial Accounting
    Accounting
    ISBN:9781337272124
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
  • Financial Management: Theory & Practice
    Finance
    ISBN:9781337909730
    Author:Brigham
    Publisher:Cengage
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Financial Accounting
    Accounting
    ISBN:9781337272124
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
    Financial Management: Theory & Practice
    Finance
    ISBN:9781337909730
    Author:Brigham
    Publisher:Cengage