Rockwell Inc. reported the following results for the year ended June 30, 2016:
Retained earnings, July 1, 2015 $3,965,000 Net income 742,000 Cash dividends declared 99,600 Stock dividends declared 48,900
Prepare a retained earnings statement for the fiscal year ended June 30, 2016. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word âLessâ is not required.
Rockwell Inc. reported the following results for the year ended June 30, 2016:
| Retained earnings, July 1, 2015 | $3,965,000 |
| Net income | 742,000 |
| Cash dividends declared | 99,600 |
| Stock dividends declared | 48,900 |
Prepare a retained earnings statement for the fiscal year ended June 30, 2016. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word âLessâ is not required.
Related questions
The amounts of the assets and liabilities of Wilderness TravelService at April 30, 2016, the end of the year, and its revenue andexpenses for the year follow. The retained earnings was $145,000 onMay 1, 2015, the beginning of the year, and dividends of $40,000were paid during the year.
| Accounts payable | $25,000 | |||
| Accounts receivable | 210,000 | |||
| Cash | 146,000 | |||
| Common stock | 35,000 | |||
| Fees earned | 875,000 | |||
| Miscellaneous expense | 15,000 | |||
| Rent expense | 75,000 | |||
| Supplies | 9,000 | |||
| Supplies expense | 12,000 | |||
| Taxes expense | 10,000 | |||
| Utilities expense | 38,000 | |||
| Wages expense | 525,000 |
| Required: | ||||||||||||||||||||||||||||||||||
| 1. | Prepare an income statement forthe year ended April 30, 2016. Refer to the Accounts given in theInstructions and to the lists of Labels and Amount Descriptionsprovided for the exact wording of the answer choices for textentries. Be sure to complete the statement heading. If a net lossis incurred, enter that amount as a negative number using a minussign. A colon (:) will automatically appear if it isrequired. | |||||||||||||||||||||||||||||||||
| 2. | Prepare a retained earningsstatement for the year ended April 30, 2016. Refer to the Accountsgiven in the Instructions and to the lists of Labels and AmountDescriptions provided for the exact wording of the answer choicesfor text entries. Be sure to complete the statement heading. Enterall amounts as positive numbers. The word âLessâ or âAddâ is notneeded in the Retained Earnings Statement. | |||||||||||||||||||||||||||||||||
| 3. | Prepare a balance sheet as ofApril 30, 2016. Refer to the Accounts given in the Instructions andto the lists of Labels and Amount Descriptions provided for theexact wording of the answer choices for text entries. Be sure tocomplete the statement heading. | |||||||||||||||||||||||||||||||||
| 4. | What item appears on both theincome statement and retained earnings statement? MUST INCLUDE THE FOLLOWING LABELS/DESCRIPTION
|
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows:
| Finders InvestigativeServices | |||
| End-of-PeriodSpreadsheet | |||
| For the Year Ended June30, 2016 | |||
| ~ | Adjusted TrialBalance | ||
| Account Title | ~ | Dr. | Cr. |
| ~ | |||
| Cash | ~ | 28,000 | |
| Accounts Receivable | ~ | 69,400 | |
| Supplies | ~ | 4,500 | |
| Prepaid Insurance | ~ | 2,500 | |
| Building | ~ | 432,000 | |
| Accumulated Depreciation-Building | ~ | 43,400 | |
| Accounts Payable | ~ | 11,100 | |
| Salaries Payable | ~ | 3,300 | |
| Unearned Rent | ~ | 1,700 | |
| Common Stock | ~ | 80,000 | |
| Retained Earnings | ~ | 293,400 | |
| Dividends | ~ | 11,400 | |
| Service Fees | ~ | 707,150 | |
| Rent Revenue | ~ | 11,400 | |
| Salaries Expense | ~ | 522,100 | |
| Rent Expense | ~ | 45,600 | |
| Supplies Expense | ~ | 10,800 | |
| Depreciation Expense-Building | ~ | 7,200 | |
| Utilities Expense | ~ | 7,150 | |
| Repairs Expense | ~ | 2,700 | |
| Insurance Expense | ~ | 2,500 | |
| Miscellaneous Expense | ~ | 5,600 | |
| ~ | 1,151,450 | 1,151,450 | |
| Required: | |||||||
| 1. |
| ||||||
| 2. | Based upon the end-of-periodspreadsheet, journalize the closing entries. | ||||||
| 3. | If Retained Earnings has instead decreased $33,000 after theclosing entries were posted, and the dividends remained the same,what would have been the amount of net income or net loss? Trying to find out whats the income statement, RetainedEarnings Statement,Balance Sheet, Journal, and 3. IfRetained Earnings has instead decreased $33,000 after the closingentries were posted, and the dividends remained the same, whatwould have been the amount of net income or net loss? If required,use the minus sign to indicate a net loss. |
