1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mrrafil [7]
3 years ago
5

Illustrate your understanding of how to use the adjusted trial balance to prepare a statement of retained earnings by completing

the following sentence. In order to prepare the statement of retained earnings, the balance of the (Retained earnings / Cash) account balance as well as any debit balance in the (Dividends / Supplies) account is transferred from the adjusted trial balance and is used along with the reported net income (loss) from the Income statement.
Business
1 answer:
Licemer1 [7]3 years ago
7 0

Answer:

Answer explained below

Explanation:

In order to prepare the statement of retained earnings, the balance of the RETAINED EARNINGS account balance as well as any debit balance in the DIVIDENDS account is transferred from the adjusted trial balance and is used along with the reported net income (loss) from the Income Statement.

NOTE:

Retained earnings refer to the net income accrued to a business after debiting its dividends to shareholders.

You might be interested in
Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its fi
DIA [1.3K]

Answer:

a. Journalize the adjusting entries necessary on June 30, 2019.

Fees earned but unbilled on June 30 were $9,070.

Dr Accounts receivable 9,070

    Cr Fees earned 9,070

Supplies on hand on June 30 were $7,410.

Dr Supplies expense 12,630

    Cr Supplies 12,630

The depreciation of equipment was estimated to be $12,530 for the year.

Dr Depreciation expense - equipment 12,530

    Cr Accumulated depreciation - equipment 12,530

The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $17,420 of the services was provided.

Dr Unearned fees 17,420

    Cr Fees earned 17,420

Unpaid wages accrued on June 30 were $1,600.

Dr Wages expense 1,600

    Cr Wages payable 1,600

b. Determine the revenues, expenses, and net income of Milbank Repairs& Service before the adjusting entries.

Fees Earned $501,120

- Wages Expense $116,260

- Rent Expense $88,700

- Utilities Expense $63,640

<u>- Miscellaneous Expense $10,020</u>

Net income $222,500

c. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries.

Fees Earned $527,610  

- Wages Expense $117,860

- Rent Expense $88,700

- Utilities Expense $63,640

- Depreciation expense $12,530

<u>- Miscellaneous Expense (including supplies) $22,650</u>

Net income $222,230

d. Determine the effect of the adjusting entries on Nancy Townes, Capital.

Nancy Townes is the owner of Milbank Repairs & Service, and since this is a sole proprietorship (she is the sole owner), the retained earnings account does not exist. So any profits or losses will increase or decrease her capital account respectively. Since after the adjustments the net income decreased by $270, her capital account will also decrease by $270.

5 0
2 years ago
I believe that people can control 100% of what happen to them at work strongly agree or strongly disagree
IgorC [24]
I personally strongly disagree because you might control yourself but you can’t control what other people do around you.
6 0
3 years ago
Heather Green usually buys Heinz Catsup because she likes its taste. But this morning her local grocery was surprisingly out of
Radda [10]

Answer:

a. preference

Explanation:

As in the question it is mentioned that the heather Green normally purchased heinz Catsup as she likes the taste but she decided to purchase another brand i.e. highly advertised also it was on sale and she really needs it

So here the Heinz achieved the preference as usually she purchased the Catsup product but sh purchased another product due to high advertisement

So the preference is shifted to another product

Therefore option a is correct

3 0
3 years ago
n the context of the strategies for selecting target markets, which of the following is a disadvantage of undifferentiated targe
algol [13]

Answer:

The correct answer is  b. It makes a company more susceptible to competitive inroads.

Explanation:

Market segmentation is essential to know how is the public that makes up the market in which we are. There are a number of advantages and disadvantages of market segmentation that you should keep in mind, before venturing into such a study for your company.

Errors when establishing the segment

The first and main disadvantage of including market segmentation techniques is the wrong selection of a segment.

Keep in mind that if the company chooses a wrong market fraction, too small or irrelevant for the company's business, then the business will find it difficult to market its product.

Commercial Saturation Issues

Another drawback derived from this strategy is to enter a market segment in which there is strong competition and saturation. When we are about to create a company or product we must take into account the development possibilities we have in that market.

3 0
3 years ago
What will happen if business partners fail to establish articles of partnership?
Natasha_Volkova [10]
<span>If business partners fail to establish articles of partnership they will fall under the Uniform </span>Partnership Act. 

This Act serves as a governance of business partnerships. This act gives a framework design to establish how partnerships should be working together and how they will be held accountable for actions taken. 
3 0
3 years ago
Read 2 more answers
Other questions:
  • Sal and Jen went to the store together, and each bought the same car stereo. Sal used a card to make the purchase, and the full
    9·1 answer
  • Which word means a formal agreement between two or more governments?
    7·2 answers
  • During the current month, Sheffield Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,800 on
    14·1 answer
  • The difference between slope and elasticity is that slope _________.a. is a ratio of two changes, and elasticity is a ratio of t
    15·2 answers
  • If the annuitant dies during the annuity or payout phase, the remaining value in the account will be:___________.
    13·1 answer
  • When using a flexible budget, a decrease in activity within the relevant range: Multiple Choice decreases variable cost per unit
    11·1 answer
  • MARKING BRAINLIEST
    15·1 answer
  • Hi i was wonder if i could find a best friend in here
    9·2 answers
  • Match each item to the correct document.
    15·1 answer
  • Question 5 of 10
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!