As of december 31 2010 thomas company had total assets of

Reference no: EM13600117

As of December 31, 2010, Thomas Company had total assets of $156,000, total liabilities of $85,600, and common stock of $52,400. During 2011 Thomas earned $36,000 of cash revenue, paid $20,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders.

Required:
(a) Determine the amount of retained earnings as of December 31, 2010, after closing. Retained earnings $ 18,000

(b) Determine the amount of net income earned in 2011. Net income $ _______

Reference no: EM13600117

Questions Cloud

One of the problems we have has been a lack of ethics : one of the problems we have has been a lack of ethics. mortgage backed securities were issued without real mortgages

You have been asked to speak at a career fair for high : you have been asked to speak at a career fair for high school students in your home town. specifically you are making a

Compute the under - or overallocated manufacturing overhead : the zaf radiator company uses a normal -cost accounting system with a single manufacturing overhead cost pool and

Determining the amount of expected inventory purchases ans : determining the amount of expected inventory purchases ans cash paymentsbrichem company which sells electric razors

As of december 31 2010 thomas company had total assets of : as of december 31 2010 thomas company had total assets of 156000 total liabilities of 85600 and common stock of 52400.

The following three seperate situations require adjusting : the following three seperate situations require adjusting journal entries to prepare financial statements as of april

How much will you have to pay in interest for a credit : how much will you have to pay in interest for a credit card balance of 9135 that is one month overdue if a 28 annual

Consider an industry facing fundamental technology change : consider an industry facing fundamental technology change e.g. fixed-point telecommunications and internet protocols

Asher corporation incurred the following manufacturing : asher corporation incurred the following manufacturing costs this period direct labor 912000 direct materials 782000

User Account

All Pages

As of december 31 2010 thomas company had total assets of

Reference no: EM13600117

Reference no: EM13600117

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

During its first year of operations cupola fan corporation

Discuss how the federal income tax structure affects choice

Cumulative effect of accounting change

Total amount of budgeted direct labor for june

Prepare a monthly manufacturing overhead flexible budget

The ending inventory was 70 complete with respect to

Indicate the balances in the three stockholders equity

Find out long term liablities

What should the stock sell for today

In 2012 sales revenue was 120 and net income was 12 1112

Suppose that melissas permanent residence and business was

Adjusted balance of allowance for doubtful accounts

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT