ACCT 2101 Chapter Notes - Chapter 1: Income Statement, Common Stock, Retained Earnings
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On December 31, 2016, the accounts inthe ledger of Monroe Entertainment Co. are listed below. Allaccounts have normal balances. At the beginning of the year,retained earning balance is $4,000.
Note Payable due 10/31/2018 | $ 10,000 |
Accounts Receivable | 6,000 |
Accumulated Depreciation- Equipment (Creditbalance) | 6,000 |
Dividends | 1,000 |
Cash | 16,000 |
Depreciation Expense | 5,000 |
Equipment | 12,000 |
Fees Earned | 50,000 |
Rent Expense | 6,000 |
Supplies | 2,000 |
Supplies Expense | 3,000 |
Wages Expense | 21,000 |
Wages Payable | 2,000 |
Q1. Generate the Income statement
Monroe Entertainment Company Income Statement | ||
For the Year Ended December 31, 2016 | ||
Revenues: | ||
S | ||
Total Revenue | ||
Expenses: | ||
Total Expenses: | ||
Net Income | $ |
Please generate Retained Earnings Statement based uponthe above information and net income youcalculated.
Monroe Entertainment Company
Retained Earnings Statement
For the Year Ended Dec 31, 2016
Retained Earnings at beginning of the year | $___________________ |
Net Income | _____________________ |
Less: Dividends | _____________________ |
Net Increase/(Decrease) in the end | ______________________ |
Retained Earnings at end of the year | $_____________________ |
Please generate Balance Sheet as of December 31, 2016.
Monroe Entertainment Company Balance Sheet | |||||
Dec 31, 2016 | |||||
Assets | Liabilities | ||||
$ | $ | ||||
Total Assets | $ | Total Liabilities and Shareholdersâ Equity | $ |
Missing Amounts from Financial Statements
The financial statements at the end of Atlas Realty's firstmonth of operations follow:
Required:
Analyze the interrelationships among the four financialstatements and enter the missing amounts. If an amount is zero,enter "0".
AtlasRealty | ||
IncomeStatement | ||
For the MonthEnded May 31, 2018 | ||
Fees earned | $400,000 | |
Expenses: | ||
Wages expense | $ | |
Rent expense | 48,000 | |
Supplies expense | 17,600 | |
Utilities expense | 14,400 | |
Miscellaneous expense | 4,800 | |
Total expenses | 288,000 | |
Net income | $ |
AtlasRealty | ||
RetainedEarnings Statement | ||
For the MonthEnded May 31, 2018 | ||
Retained earnings, May 1, 2018 | $ | |
Net income | $ | |
Dividends | ||
Change in retained earnings | ||
Retained earnings, May 31, 2018 | $ |
AtlasRealty | ||
BalanceSheet | ||
May 31,2018 | ||
Assets | ||
Cash | $123200 | |
Supplies | 12,800 | |
Land | ||
Total assets | $ | |
Liabilities | ||
Accounts payable | $48,000 | |
Stockholdersâ Equity | ||
Common stock | $ | |
Retained earnings | ||
Total stockholders' equity | ||
Total liabilities and stockholdersâequity | $ |
Use the minus sign to indicate cash outflows, decreases in cash,and cash payments.
AtlasRealty | ||
Statement ofCash Flows | ||
For the MonthEnded May 31, 2018 | ||
Cash flows from operating activities: | ||
Cash received from customers | $ | |
Cash payments for expenses and payments tocreditors | -252,800 | |
Net cash flows from operatingactivities | $ | |
Cash flows from investing activities: | ||
Cash payments for acquisition of land | -120,000 | |
Cash flows from financing activities: | ||
Cash received from issuing commonstock | $160,000 | |
Cash dividends | -64,000 | |
Net cash flows from financingactivities | ||
Net increase (decrease) in cash and May 31,2018, cash balance | $ |