Calculate the balance in the retained earnings account

Assignment Help Financial Accounting

Reference no: EM131202453

The following account balances were taken from XYZ Company's 2005 balance sheets: January 1, 2005 December 31, 2005 Accounts payable ? 50,000 Accounts receivable ? 82,000 Cash 35,000 38,000 Common stock 105,000 135,000 Inventory 70,000 ? Income taxes payable 17,000 ? Land 130,000 190,000 Retained earnings ? 162,000 Short-term notes payable 45,000 40,000 The following information was taken from XYZ Company's 2005 income statement: Total revenues 500,000 Total expenses <430,000> Net income 70,000 The following information was taken from XYZ Company's 2005 statement of cash flows: Net cash flow from operating activities 93,000 Net cash flow from investing activities <60,000> Net cash flow from financing activities <30,000> Net change in cash 3,000 Calculate the balance in the retained earnings account at January 1, 2005. Do not use decimals in your answer.

Reference no: EM131202453

Questions Cloud

Reaction of the reactants in the ionic equations : Which of the following combinations (as reactants) will NOT undergo chemical change when mixed? Refer to Appendix J if needed. Mg(NO3)2(aq) and NaOH(aq) HCl(aq) and NaOH(aq) NaNO3(aq) and KI(aq)

Are consequences for violation of academic integrity policy : Why do you believe plagiarism, cheating, fabrication, and/or improper collaboration are taken so seriously on a college campus as well as the larger community beyond college?

Profit center for performance evaluation purposes : Bradbo owned two adjoining restaurants, the Pork Palace and the Chicken Hut. Each restaurant was treated as a profit center for performance evaluation purposes. Although the restaurants had separate kitchens, they shared a central baking facility. Th..

Write description of a particular type of public trust crime : Write a description of a particular type of public trust crime.- Discuss and address any laws pertaining to the topic chosen.

Calculate the balance in the retained earnings account : The following account balances were taken from XYZ Company's 2005 balance sheets: January 1, 2005 December 31, 2005 Accounts payable ? Calculate the balance in the retained earnings account at January 1, 2005.

Calculate the mass of 3 moles of glycine : Glycine, an amino acid used by organisms to make proteins, is represented by the following molecular model.

Deposit today to fulfill its obligation to brad : Ajax Corporation has hired Brad O’Brien as its new president. Terms included the company’s agreeing to pay retirement benefits of $17,400 at the end of each semiannual period for 11 years. This will begin in 3,650 days. If the money can be invested a..

Write the balanced chemical equations : the decomposition of solid calcium hydroxide into solid calcium(II) oxide (lime) and water vapor

What are the broad steps in workforce or hr planning : What are the broad steps in workforce/hr planning? (hint is that it is also at the beginning of the chapter) Why is it important to understand the overall organization's strategy when completing an HR/workforce plan?

User Account

All Pages