You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company's general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $9,000 Common stock 5,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 2,000 Additional paid-in capital 4,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 6,000 Net income for the year 9,000 Prepare the company's Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020 Accounts payable Adjusted retained earnings, July 1, 2020 Cash Retained earnings, July 1, 2020 Retained earnings, June 30, 2020
You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company's general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $9,000 Common stock 5,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 2,000 Additional paid-in capital 4,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 6,000 Net income for the year 9,000 Prepare the company's Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020 Accounts payable Adjusted retained earnings, July 1, 2020 Cash Retained earnings, July 1, 2020 Retained earnings, June 30, 2020
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12PA: You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial...
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