Business
Engineering
Math
Science
Social Science
Retained earnings statement Using the income statement for Paradise Travel Service shown in Basic Exercise 1-4, prepare a retained earnings statement for the year ended May 31, 2018. Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
Corporate Financial Accounting
Solutions
Corporate Financial Accounting
Retained earnings statement
Using the income statement for Paradise Travel Service shown in Basic Exercise 1-4, prepare a retained earnings statement for the year ended May 31, 2018. Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
Statement of owners’ equity: This statement reports the beginning owner’s equity and all the changes which led to ending owners’ equity. Additional capital, net income from income statement is added to and drawings are deducted from beginning owner’s equity to arrive at the end result, ending owner’s equity.
To prepare: Statement of retained earnings of PT Service for the year ended May 31, 2018.
Explanation of Solution
Working Notes:
Prepare income statement for PT Service for the year ended May 31, 2018.
| PT Service | ||
| Income Statement | ||
| For the Year Ended May 31, 2018 | ||
| Fees earned | $900 ,000 | |
| Expenses | ||
| Wages expense | $450,000 | |
Chapter 1 Solutions
Additional Business Textbook Solutions
College Accounting, Chapters 1-27
Financial & Managerial Accounting
Accounting (Text Only)
Financial Accounting
Accounting Information Systems
Financial And Managerial Accounting
Financial & Managerial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
Financial Accounting
College Accounting (Book Only): A Career Approach
Intermediate Accounting: Reporting And Analysis
Corporate Financial Accounting
College Accounting (Book Only): A Career Approach
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Management, Loose-Leaf Version
Contemporary Marketing
Brief Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Essentials of Economics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Essentials of Business Communication (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Fundamentals of Financial Management (MindTap Course List)
Foundations of Business (MindTap Course List)
Principles of Economics (MindTap Course List)
Accounting Information Systems
Exploring Economics
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Pkg Acc Infor Systems MS VISIO CD
Principles of Macroeconomics (MindTap Course List)
Survey of Accounting (Accounting I)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Microeconomics
Practical Management Science
Macroeconomics
Purchasing and Supply Chain Management
Economics For Today
Cornerstones of Cost Management (Cornerstones Series)
Economics (MindTap Course List)
