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

  Illustrate what amount of unrealized inter-company inventory

Additional sales were made to Steven in 2009 at a transfer price of $75,000 that had cost Nicole $54,000. Only 10% of the 2009 purchases had not been sold to outsiders by the end of 2009. Illustrate what amount of unrealized inter-company inventory..

  Illustrate what type of audit report did these companies

Visit several companies with which you are familiar to locate their annual report. Illustrate what type of audit report did these companies receive in their most recent annual report?

  What is full and fair disclosure

What is full and fair disclosure, and why do you think it is important? To whom is it important? Just investors?

  Prepare a complete cash flow statement

Prepare a complete cash flow statement for the year ending December 31, 2013 using the indirect method.  The statement must include all titles, headings, captions, sections, totals, subtotals and disclosures one would normally expect on the face o..

  Prepare quarterly income statements showing income

Johnson Products Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance, using income from operations as a percent of revenues.

  Please see the attached document1 prepare the requirements

please see the attached document.1. prepare the requirements using the fifo method.2. redo the requirements using the

  Compare the total operating income

Compare the total operating income on the 200 tables for requirements 2 and 3. What do you recommend Pacific do based exclusively on your calculations? Explain fleetingly

  How was the embezzlement accomplished

If you were asked to help this company, could you conclude from the evidence presented that embezzlement took place? What would you do next?

  What accounts are affected

Several transactions for a corporation and what accounts are affected. Explain in words the transaction that took place. Use the transactions to create a balance sheet.

  What factors would impact petes bid to the new customer

When Pete uses a distributor to sell additional pet houses, he has to pay a sales commission of 8% of the sales price. On average, he sells 60% of each pet house through distributors.

  Compute amount of wiley net income for the month

Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000. Compute amount of Wiley's net income for the month.

  Question the employees of the lending store inc did connect

question the employees of the lending store inc. did connect the union. the corporation was profitable for several

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