Financial Accounting Amount of Retained Earnings Homework Help
Best UK USA UAE Australia Canada China Financial Accounting Amount of Retained Earnings Homework Help Service Online
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2016, are as follows: Cash, $32,000; Accounts Receivable, $80,000; Supplies, $12,000; Land, $56,000; Accounts Payable, $38,000; Common Stock, $50,000. Business transactions during July are summarized as follows
A. Joel Palk invested additional cash in exchange for common stock with a deposit of $21,000 in the business bank account.
B. Purchased land adjacent to land currently owned by D’Lite Dry Cleaners to use in the future as a parking lot, paying cash of $35,000.
C. Paid rent for the month, $3,000.
D. Charged customers for dry cleaning revenue on account, $76,000.
E. Paid creditors on account, $18,200.
F. Purchased supplies on account, $7,000.
G. Received cash from cash customers for dry cleaning revenue, $39,000.
H. Received cash from customers on account, $79,000.
I. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $29,600.
J. Paid the following: wages expense, $20,000; truck expense, $2,200; utilities expense, $1,500; miscellaneous expense, $1,000.
K. Determined that the cost of supplies on hand was $9,800; therefore, the cost of supplies used during the month was $9,200.
L. Paid dividends, $4,000.
1. Determine the amount of retained earnings as of July 1 of the current year.
2. The assets, liabilities, and stockholders’ equity as of July 1 are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns effected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered.
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to firstname.lastname@example.org
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email email@example.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to firstname.lastname@example.org and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
3.a. Prepare anincome statement for the month ended July 31, 2016. Refer to theAccounts in the accounting equation grid and 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. If a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.
b. Prepare a retained earnings statement for the month ended July 31, 2016. Refer to the lists of Accounts in the accounting equation grid and 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. Enter all amounts as positive numbers. The word “Less” or “Add” is not needed in the Retained Earnings Statement.
c. Prepare a balance sheet as of July 31, 2016. Refer to the Accounts in the accounting equation grid and 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.
4. Prepare astatement of cash flows for July. Enter amounts that represent cash outflows as negative numbers using a minus sign. 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. You will not need to enter colons (:) or the wordDeduct on the statement.
Product Code: ACC760
Looking for Financial Accounting Amount of Retained Earnings Homework Help, please submit your details here with product code mentioned above.