User Account

All Pages

Prepare a statement of retained earnings

Assignment Help Accounting Basics
Reference no: EM131750169

Everett Co. was organized on July 1, 2015. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.

EVERETT CO. Trial Balance September 30, 2015
Unadjusted Adjusted
Dr. Cr. Dr. Cr.
Cash $ 8,728 $ 8,728
Accounts Receivable 10,418 11,456
Supplies 1,455 680
Prepaid Rent 2,214 1,215
Equipment 18,300 18,300
Accumulated Depreciation-Equipment $ - 0 - $ 694
Notes Payable 9,700 9,700
Accounts Payable 2,529 2,529
Salaries and Wages Payable - 0 - 710
Interest Payable - 0 - 97
Unearned Rent Revenue 1,913 1,027
Common Stock 22,160 22,160
Dividends 1,578 1,578
Service Revenue 16,231 17,269
Rent Revenue 1,423 2,309
Salaries and Wages Expense 7,820 8,530
Rent Expense 1,931 2,930
Depreciation Expense 694
Supplies Expense 775
Utilities Expense 1,512 1,512
Interest Expense 97
$ 53,956 $ 53,956 $ 56,495 $ 56,495

Step 1: Prepare a statement of retained earnings for the 3 months ending September 30, 2015. (List items that increase retained earnings first.)

Step 2: Prepare a balance sheet at September 30. (List assets in order of liquidity.)

Step 3: If the note bears interest at 12%, how many months has it been outstanding?

Reference no: EM131750169

Questions Cloud

Should it be a crime for the monks to sell caskets : 1. Should it be a crime for the monks to sell caskets? Why or why not?
What is the value of an option to buy common share : What is the value of an option to buy one common share if the exercise price is zero?
Best institutional framework for reducing fraud : Some managers commit undetected fraud in producing financial statements. What is the best institutional framework for reducing fraud?
Develop action plan for carroll to reach her long term goal : CASE ANALYSIS: Cynthia Carroll at Anglo American, Develop an action plan for Carroll to reach her long term goal of "zero harm"
Prepare a statement of retained earnings : Prepare a statement of retained earnings for the 3 months ending September 30, 2015.
Why did firm opt for financing through convertible security : From a local broker, obtain the detailed features of a recent issue of convertible securities and the current market price.
Marginal propensity to consume : Describe the relationship between marginal propensity to consume (MPC) and multiplier (m).
Targets seasonal lawn care marketing strategy : Targets Seasonal Lawn Care Marketing Strategy. Start an Introduction, Consumer Behavior, Buying decision process,
Is arkansas ready for red light cameras : Is this the wave of the future? Can red light camera technology free police for handling other calls? Is Arkansas ready for red light cameras?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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