Marisol Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business
Accounts Payable $ 12,200 Office Expense $ 6,500
Accounts Receivable 14,500 Rent Expense 9,600
Cash 8,200 Retained Earnings, Jan. 1, 2016 8,300
Common Stock 9,000 Salaries Expense 36,000
Dividends 13,500 Service Revenue 84,000
Equipment 15,000 Utilities Expense 6,200
Insurance Expense 4,000
Prepare the statement of retained earnings. Use a proper heading.
What will be an ideal response
Marisol Company
Statement of Retained Earnings
Year Ended December 31, 2016
Retained Earnings, January 1, 2016 $ 8,300
Net Income for the month 21,700
30,000
Dividends (13,500 )
Retained Earnings, December 31, 2016 $ 16,500
You might also like to view...
Your clothing and grooming are all of the following EXCEPT
a. important in creating a good first impression with your audience members. b. influencing perceptions of your competence. c. influencing perceptions of your trustworthiness. d. unimportant for speechmaking.
Peavey Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of:
A. $20,000 B. $5,500 C. $10,000 D. $9,250 E. $5,000
Accounts are records of increases and decreases in individual financial statement items
Indicate whether the statement is true or false
Differences between the extent to which persons in the host and home cultures reveal their private self may contribute to cultural shock
Indicate whether the statement is true or false.