Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 1, Problem 1.5.2P
To determine
Concept Introduction:
Statement of
To prepare: the statement of retained earnings.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Preparing financial statements
Presented here are the accounts of Pembroke Bookkeeping Company for the year ended December 31, 2018:
Requirements
Prepare Pembroke Bookkeeping Company’s income statement.
Prepare the statement of retained earnings.
Prepare the balance sheet.
Partial adjusted trial balance for Marigold Corp. at December 31, 2017, includes the following accounts: Retained Earnings $17,500, Dividends $6,400, Service Revenue $36,100, Salaries and Wages Expense $14,900, Insurance Expense $1,950, Rent Expense $3,860, Supplies Expense $1,590, and Depreciation Expense $850. The balance in Retained Earnings is the balance as of January 1.Prepare a retained earnings statement for the year assuming net income is $10,400. (List items that increase retained earnings first.)
MARIGOLD CORP.Retained Earnings Statementchoose the accounting period For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017
select an opening name ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Dividends
$enter a dollar amount
select between…
Preparing financial statements
Presented here are the accounts of Hometown Decor Company for the year ended December 31, 2018.
Requirements
Prepare Hometown Decor Company’s income statement.
Prepare the statement of retained earnings.
Prepare the balance sheet.
Chapter 1 Solutions
Using Financial Accounting Information
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - Prob. 1.4.1ECh. 1 - Prob. 1.4.2ECh. 1 - Prob. 1.4.3ECh. 1 - Prob. 1.4.4ECh. 1 - Prob. 1.5.1ECh. 1 - Prob. 1.5.2ECh. 1 - Prob. 1.5.3E
Ch. 1 - Changes in Owners’ Equity The following amounts...Ch. 1 - Prob. 1.6.2ECh. 1 - Prob. 1.6.3ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10.1ECh. 1 - Prob. 1.10.2ECh. 1 - Prob. 1.10.3ECh. 1 - Prob. 1.10.4ECh. 1 - Prob. 1.10.5ECh. 1 - Prob. 1.10.6ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3PCh. 1 - Prob. 1.4.1PCh. 1 - Prob. 1.4.2PCh. 1 - Prob. 1.5.1PCh. 1 - Prob. 1.5.2PCh. 1 - Prob. 1.5.3PCh. 1 - Prob. 1.5.4PCh. 1 - Prob. 1.6.1PCh. 1 - Prob. 1.6.2PCh. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7.1PCh. 1 - Prob. 1.7.2PCh. 1 - Prob. 1.7.3PCh. 1 - Prob. 1.7.4PCh. 1 - Prob. 1.8.1PCh. 1 - Prob. 1.8.2PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1AAPCh. 1 - Prob. 1.2AAPCh. 1 - Prob. 1.3AAPCh. 1 - Prob. 1.4AAPCh. 1 - Prob. 1.5AAPCh. 1 - Prob. 1.5.1AAPCh. 1 - Prob. 1.5.2AAPCh. 1 - Prob. 1.5.3AAPCh. 1 - Prob. 1.5.4AAPCh. 1 - Prob. 1.6.1AAPCh. 1 - Prob. 1.6.2AAPCh. 1 - Prob. 1.6.3AAPCh. 1 - Prob. 1.7.1AAPCh. 1 - Prob. 1.7.2AAPCh. 1 - Prob. 1.7.3AAPCh. 1 - Prob. 1.7.4AAPCh. 1 - Prob. 1.8.1AAPCh. 1 - Prob. 1.8.2AAPCh. 1 - Prob. 1.9AAPCh. 1 - Prob. 1.10AAMCP
Knowledge Booster
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
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Sterns Audio Book Rental Corp. The amounts shown for balance sheet items are balances as of December 31, 2016 (with the exception of retained earnings, which is the balance on January 1, 2016), and the amounts shown for income statement items are balances for the year ended December 31, 2016. Required Prepare an income statement for the year ended December 31, 2016. Prepare a statement of retained earnings for the year ended December 31, 2016. Prepare a balance sheet at December 31, 2016. You have $1,000 to invest. On the basis of the statements you prepared, would you use it to buy stock in this company? Explain. What other information would you want before deciding?
arrow_forward
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 6-5B. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 7,000. 4. Prepare closing entries as of June 30, 2016.
arrow_forward
Statement of Retained Earnings Ace Corporation has been in business for many years. Retained earnings on January 1, 2016, is $235,800. The following information is available for the first two months of 2016: Required Prepare a statement of retained earnings for the month ended February 29, 2016.
arrow_forward
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Prepare closing entries as of May 31, 2016.
arrow_forward
Financial information related to Udder Products Company, a proprietorship, for the month ended April 30, 2016, is as follows: a. Prepare a statement of owners equity for the month ended April 30, 2016. b. Why is the statement of owners equity prepared before the April 30, 2016, balance sheet?
arrow_forward
Preparation of a Statement of Retained Earnings from Closing Entries Fisher Corporation reported a Retained Earnings balance of $125,780 on January 1, 2016. Fisher Corporation made the following three closing entries on December 31, 2016. (The entry to transfer net income to Retained Earnings was intentionally omitted.) Prepare a statement of retained earnings for Fisher for the year.
arrow_forward
Financial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at the end of the text. Use the following additional information (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2016, and May 31, 2015. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets. k. Return on common stockholders equity l. Price-earnings ratio, assuming that the market price was 54.90 per share on May 29, 2016, and 52.81 per share on May 30, 2015 m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?
arrow_forward
Real-world annual report The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text. The following additional information is available (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2017, and May 31, 2016. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory' h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets, assuming interest expense is 82 million for the year ending May 31. 2017, and 33 million for the year ending May 31, 2016. k. k. Return on common stockholders equity l. Price-eamings ratio, assuming that the market price was 52.81 per share on May 31, 2017, and 54.35 per share on May 31, 2016. m. m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?
arrow_forward
Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Ta get Corporation (TGT) for the year ending January 31. Instructions Prepare Target’s statement of stockholders’ equity for the year ending January 31. Use the following additional information for the year:
arrow_forward
Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Target Corporation (GT) for the year ending January 31. Instructions Prepare a ba1anc sheet as of January 31
arrow_forward
Financial statements The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Common stock was 525,000 and retained earnings was 1,250,000 as of January 1, 20Y5. During the year, additional common stock of 50,000 was issued for cash, and dividends of 90,000 were paid. Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 20Y5. 4. What items appears on both the statement of stockholders equity and the balance sheet?
arrow_forward
Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Target Corporation (GT) for the year ending January 31. Instructions Prepare Target’s income statement for the year ending January 31.
arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License