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Valentin [98]
2 years ago
13

The adjusted trial balance of Novak Corporation at December 31, 2022 includes the following accounts: Retained Earnings $12,852;

Dividends $5,100; Service Revenue $30,600; Salaries and Wages Expense $15,300; Insurance Expense $2,040; Rent Expense $4,590; Supplies Expense $510; and Depreciation Expense $1,020. Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)
Business
1 answer:
WARRIOR [948]2 years ago
3 0

Answer and Explanation:

The preparation of the retained earnings is presented below:

<u>Novak corporation </u>

<u>Statement of retained earnings</u>

<u>For the year ended Dec 31,2022</u>

<u>Particulars                                         Amount</u>

Opening bal of retained earnings    $12,852

Add: Net income                                $7,140

($30,600 - $15,300 - $2,040 - $4,590 - $510 - $1,020)

Less: dividend paid                            -$5,100

Ending balance of retained earnings $14,892

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Answer:

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Explanation:

The journal entry for issuance of the common stock for cash is shown below:

Cash A/c Dr $70,000

        To Common stock $50,000 (5,000 shares × $10)

        To Additional paid in capital A/c - Common stock A/c $20,000

(Being the common stock is issued for cash)

While recording this entry it increased the assets so the cash account is debited while at the same time it also increased the common stock for $50,000 and the additional paid in capital in excess of par value i.e $20,000 so both these account are credited

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sleet_krkn [62]

Answer:

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The present value interest factor for an annuity with an interest rate of 8 percent per year over 20 years is ____.
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The present value factor of an annuity that will mature in 20 years at an interest rate of 8% is <u>9.8181474.</u>

<h3>What is the present value interest factor?</h3>

It can be found by using the present value of an annuity formula of:

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As there is no amount, solving gives:

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Find out more on present value of annuity at brainly.com/question/25792915.

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