Calculate the balance of retained earnings

Assignment Help Accounting Basics
Reference no: EM132089090

Question - The following items are taken from the financial statements of Ashe Company for 2012:

Equipment

$100,000

Accounts Receivable

12,000

Accounts Payable

9,000

Cost of Goods Sold

72,000

Utilities Expense

11,000

Depreciation Expense

17,000

Insurance Expense

9,000

Common Stock

200,000

Dividends

12,000

Rent Expense

3,000

Note Payable (due 2014)

40,000

Advertising Expense

14,000

Prepaid Insurance

17,000

Retained Earnings (beginning)

44,000

Accumulated Depreciation

50,000

Salaries Expense

60,000

Salaries Payable

3,500

Net sales

205,000

Supplies

4,000

Supplies Expense

5,000

Instructions

(a) Calculate the net income.

(b) Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2012.

(c) Calculate the gross profit percentage.

Reference no: EM132089090

Questions Cloud

Discuss about the data analytics lifecycle : Demonstrate your understanding of the importance of the final two phases of the Data Analytics Lifecycle: Communicating the Results and Operationalizing.
Which make it the most environmentally friendly : Which characteristics make algae the most competitive as a fuel source? Which make it the most environmentally friendly?
How much is the cost per bike : The ending work in process was $15,000. During the year, the company completed 230 bikes. How much is the cost per bike
Identify four vulnerable groups : Write details of the event history - what happened, when, other circumstances of the event that are important.
Calculate the balance of retained earnings : Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2012. Calculate the net income
What social or civil institution should be monitoring health : The WHO has expressed that emerging health threats may be unrecognized if seen only from inside the borders of a single country.
Discuss the public health aspects of the initiative propose : Identify policies and system issues that contribute to the problem, and identify the internal and external resources needed to address the issue.
Why is the topic of heart disease and stroke so important : Why is the topic of heart disease and stroke so important? What disparities are involved?
Why the networking group should move toward ipv6 : During the weekly team meeting the manager expresses interest in migrating from Internet Protocol version 4(IPv4) to IPv6 across the enterpris.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd