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il63 [147K]
3 years ago
10

The account balances and income statement of Winfrey Towing Service on June 30, 2018, follow:Equipment $18,250 Service Revinue $

10,800Office Supplies 1,400 Account Receivable 8,400Notes Payable 5,000 Accounts Payable 11,000Rent Expense 550 Retined Earnings, June 1, 2018, 3,900Cash 2,200 Salries Expense 1,900Dividends 4,000 Common Stock 6,000Required:a. Prepare the statement of retained earnings for Winfrey Towing Service for the month ending June 30, 2018.b. What does the statement of a retained earnings report?
Business
1 answer:
salantis [7]3 years ago
4 0

Answer:

See explanations below.

Explanation:

First , we need to calculate net income

Revenues :

Service revenue $10,800

Less : Expenses:

Salary expense $1,900

Rent expense $550

Total expense. ($2,450)

Net income. $8,350

a. Winfrey Towing Service

Statement of retained earnings

Month ended, June 30 2018

Retained earnings June 1, 2018 $3,900

Add net income for the month $8,350

$12,250

Less: Dividends ($4,000)

Retained earnings June 30, 2018 $8,250

b. Statement of retained earnings report is the change in retained earnings of a firm or business unit during a given period of time.

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Answer:

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Explanation:

6 0
3 years ago
Sammy salt is an exempt employee and earns $275,000 per year. if sammy was paid on a weekly basis, what would his gross pay be?
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Sammy salt makes $275,000 a year as an exempt employee. if Olivia was paid on a biweekly basis her gross pay would be $5,288.46.

A person's gross pay is their total earnings for a certain time period before any deductions are made. Gross compensation is determined before any deductions, such as those for required taxes and Medicare contributions, employer-provided health insurance, or retirement plans. The difference between the gross pay definition and the net pay definition is that the former excludes an employee's take-home compensation.

Employee's gross pay is their salary before any payroll deductions such as taxes, benefits, and other expenses are made. Net pay, often known as take-home pay, is the amount that is left after all withholdings have been taken into account.

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5 0
2 years ago
As she digs deeper into the data, Ophelia realizes that while discounters do have a high profit level, discounters are quite low
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Answer: Return on sales is calculated based on sales volume and not profit

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As it relates to international trade, dumping: A. is defined as selling more goods than allowed by an import quota. B. constitut
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annual gross potential rental income from a property minus expenses (vacancy and collection losses, operating expenses, replacem
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<h3>What is Effective gross income?</h3>

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