Determine the balance in the retained earnings account

Assignment Help Financial Accounting
Reference no: EM13512346

After closing on December 31, 2010, Direct Delivery Company (DDC) had $9,200 of assets, $4,000 of liabilities, and $1,400 of common stock. During January of 2011 DDC earned $1,500 of revenue and incurred $600 of expense. DDC closes it books each year on December 31.

Required

a. Determine the balance in the Retained Earnings account as of December 31, 2010.
b. Determine the balance in the Retained Earnings account as of January 1, 2011.
c. Determine the balance in the Retained Earnings account as of January 31, 2011.

Reference no: EM13512346

Questions Cloud

What is the cost of the land : These expenditures were incurred by Patnode Company in purchasing land: cash price $60,000; accrued taxes $5,000; attorney"s fees $2,100; real estate broker"s commission $3,300; and clearing and grading $3,500. What is the cost of the land?
What total inward force does the atmosphere exert : The surface pressure on Venus is 92.00 atm, and the acceleration due to gravity there is 0.894 g. What total inward force does the atmosphere exert on the vertical walls of the tank
Discuss the implications has for comparing the results : Whereas Kiram Corp. depreciates its plant assets over a 20-year life. Discuss the implications has for comparing the results of the two companies.
Find the bubble diameter just as it reaches surface of lake : A diver 60 m deep in 10 C fresh water exhales a 1.5-cm-diameter bubble. find the bubble's diameter just as it reaches the surface of the lake
Determine the balance in the retained earnings account : After closing on December 31, 2010, Direct Delivery Company (DDC) had $9,200 of assets, $4,000 of liabilities, and $1,400 of common stock. During January of 2011 DDC earned $1,500 of revenue and incurred $600 of expense. DDC closes it books each y..
What types of costs may be incurred : Johnstone Company acquires the land and building owned by Briggs Company. What types of costs may be incurred to make the asset ready for its intended use if Johnstone Company wants to use only the land?
Prepare a statement of cash flows for webster consulting : Prepare a statement of cash flows for Webster Consulting Group for the year ended July 31, 2008.
Obtain the temperature of the tungsten filament : A common flashlight bulb is rated at 0.108 A and 3.28 V (the values of current and voltage under operating conditions). estimate the temperature of the tungsten filament when the bulb is turned on
Find with what speed and angle of impact does the stone land : A student stands at the edge of a cliff and throws a stone horizontally over the edge with a speed of 19.0 m/s. With what speed and angle of impact does the stone land

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find the cash flow statement

Cash flow statement so it all ties together and balances. List at least four different ways - retail store conducting merchandising activity.

  How much would division income from operations increase

A transfer price of $3.20 per unit is established, and 40,000 units of material are transferred, with no reduction in Division 6's current sales. How much would Division 6's income from operations increase?

  Evaluate the product factory overhead costs

Evaluate the product factory overhead costs, using (a) the direct labor hours plant-wide factory overhead rate and (b) the machine hour plant-wide factory overhead rate.

  Determine the equal annual net cash flows from operating

Determine the equal annual net cash flows from operating the equipment. Round to the nearest dollar.

  Calculate campbell cutlery retained earnings at the end

Campbell Cutlery had retained earnings of $162,850 at the beginning of 2010. Calculate Campbell Cutlery's retained earnings at the end of 2009.

  What is procedural due and substantive due process

In the Australian accounting sphere the concept of due process is applied within the institutional arrangements for regulating financial reporting and falls particularly within the promulgation of accounting standards.

  Show the activity based costing

Activity Based Costing - Theory which cost method would you use to manage this business and why

  Cost of goods sold calculations

Show the corrected Cost of Goods Sold calculations for both 2011 and 2012. Consider the errors had not been corrected, in your answer book, in tabular format as shown below show the dollar effect

  During the present year kim incurs the subsequent expenses

during the present year kim incurs the subsequent expenses with respect to her beach front condominium in hawaii...

  Determine the payback period of the investment

Would the payback period be affected if the cash inflow in year 8 was $18,000?

  Analyze the fine points of portfolio theory and determine

Analyze the fine points of portfolio theory and determine which single point is the most difficult for investors to understand, and then explain it in a way that your grandmother would understand (assuming she is not a financial analyst).

  Work out a selling price based on a cost plus approach

In this coursework you need In Excel produce firstly a zero based budget (ZBB) and then produce a costing for the business game product using absorption costing.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd