Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Retained Earnings had a balance of $623,500. During the year, Marcie invested an additional $36,000 in exchange for common stock, and $14,500 of dividends were paid. For the year ended December 31, 2015, Gemini Advertising Services reported a net income of $92,510.
Prepare a retained earnings statement for the year ended December 31, 2015. Enter all amounts as positive numbers. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Retained Earnings had a balance of $623,500. During the year, Marcie invested an additional $36,000 in exchange for common stock, and $14,500 of dividends were paid. For the year ended December 31, 2015, Gemini Advertising Services reported a net income of $92,510.
Prepare a retained earnings statement for the year ended December 31, 2015. Enter all amounts as positive numbers. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Related questions
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.
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
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