11 soley company has the following data available retained earnings january 1 2011 1 4307756

11 soley company has the following data available retained earnings january 1 2011 1 4307756

11) Soley Company has the following data available:

Retained Earnings, January 1, 2011$12,000

Net income for the year ending December 31, 2011$3,000

Dividends declared in 2011$2,000

Paid-in Capital, January 1, 2011$50,000

Total liabilities, January 1, 2011$40,000

What is the retained earnings balance on December 31, 2011?

A) $12,000

B) $13,000

C) $14,000

D) $63,000

12) A multiple-step income statement includes a subtotal for gross profit.

13) Gross profit is the excess of sales over all expenses.

14) Williams Company reports the following accounts and balances at December 1, 2015:

Accounts Payable$22,800

Accounts Receivable18,800

Cash24,400

Land82,400

Machine129,200

Merchandise Inventory63,600

Long-term Note Payable79,200

Short-term Note Payable14,400

Paid-in Capital200,000

Retained Earnings2,000

The transactions for Williams Company for the month of December, 2015 follow:

1. Collected $9,200 from credit customers.

2. Paid $8,000 of the amount owed on account.

3. Sold inventory at cost for $2,400 and received cash.

4. Borrowed $4,000 in short-term notes payable.

Required:

Prepare a balance sheet at December 31, 2015 after considering the transactions above.  Ignore depreciation expense and interest expense.

Balance Sheet

December 31, 2015

15) The Smuckers Company reports the following accounts and balances on December 31, 2015.

Accounts Payable$14,400

Accounts Receivable8,000

Cash26,000

Equipment80,000

Land56,000

Long-term Note Payable70,000

Merchandise Inventory28,800

Paid-in Capital100,000

Retained Earnings14,400

Required:

Prepare a balance sheet at December 31, 2015.

16) Woody Company had the following data available:

Net income for the year ending December 31, 2015$60,000

Dividends declared during 2015$37,000

Dividends paid during 2015$32,000

Paid-in capital, January 1, 2015$45,000

Retained earnings, January 1, 2015$59,000

Required:

Prepare a statement of retained earnings for Woody Company for the year ended December 31, 2015.

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