The ending balance of the retained earnings account appears both in the statement of stockholders’ equity and the balance sheet.
<h3>Where does retained earnings appear?</h3>
Retained earnings is the profit left after dividends have been paid. It is the profit that is not paid out to shareholders as dividends.
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a point in time. The retained earnings appears in the equity section of the balance sheet.
The statement of stockholders’ equity records the owners equity and changes to the owners equity during a financial year.
The income statement records a company's income and expenses in a financial year. It is used for determining if a firm is operating at a profit or a loss.
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Answer:
Surnum's exchange rate is pegged.
Explanation:
Exchange rate is the rate at which a countrie's currency is exchanged for another. Usually when there is more demand for a countrie's currency it will have more value than other currencies and vice versa.
There are two ways a countrie's currency rate can be controlled in relation to others.
First is by market forces of demand and supply.
Secondly is by pegging the countrie's currency against another and using reserves of the other currency to account for market fluctuations.
In this instance Surnum has pegged it's currency against the dollar, so it will use its dollar reserves to account for fluctuations in order to maintain the pegged exchange rate.
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Answer:
The journal entry to record the sale :
Debit : Note Receivable $120000
Credit : Sales Revenue $120000
Explanation:
The journal entry to record the sale includes a Debit entry of a Note Receivable at the amount owed by the customer since there was no immediate payment of cash and a Credit entry of Sales Revenue to recognize Income earned.
1. Accounts receivable are found on the balance sheet.
2. Notes payable are found on the balance sheet.
3. Advertising expense is found on income statement
