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Powder Corporation began operations on January 2, 2013, with a total investment of $150,000 by its stockholders.
Net income for its first year of business was $90,000. During 2014 and 2015, net income increased to $188,000 and to $217,000, respectively. Powder paid $85,000 in dividends to its shareholders in each of the three years.
A. In good form, prepare a statement of retained earnings for the year ended December 31, 2014.
B. How much is total retained earnings on December 31, 2015?
C. Explain the link between the statement of retained earnings and the balance sheet.
Prepare an adjusted trial balance, prepare an income statement for year ended 2013 and a balance sheet as of December 31, 2013 - Prepare and post closing entries.
The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Provided these facts, the number of units of product in the starting inventory last year must have been:
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