Determine the balance in the retained earnings account

Reference no: EM132218299

Question - Love Company's accounting records show an after-closing balance of $21,300 in its Retained Earnings account on December 31, 2016. During the 2016 accounting cycle, Love earned $18,900 of revenue, incurred $11, 100 of expense, and paid $3,400 of dividends. Revenues and expenses were recognized evenly throughout the accounting period.

Required -

a. Determine the balance in the Retained Earnings account as of January 1, 2017.

b. Determine the balance in the temporary accounts as of January 1, 2016.

c. Determine the after-closing balance in the Retained Earnings account as of December 31, 2015.

d. Determine the balance in the Retained Earnings account as of June 30, 2016.

Reference no: EM132218299

Questions Cloud

What community resources might be important to you : If you are an individual in later adulthood or a caregiver for an individual in later adulthood, what community resources might be important to you?

What is the conversion ratio : Suppose a bond has a par value $1000 and a market value of $1100. It is convertible into 40 shares of stocks and the current stock price $26.

What was the result of change in strategy implemented : Is JCPenney Killing Itself with a Failed Strategy? What was the result of change in strategy implemented?

Ownership of the firm is residual in nature : Briefly explain what it mean, The ownership of the firm is residual in nature.

Determine the balance in the retained earnings account : Love Company's accounting records show an after-closing balance of $21,300, Determine the balance in the Retained Earnings account as of January

Post a description of the cultural factors : Explain two cultural factors that might challenge you when working with a patient and his or her family who belong to a different culture than yours.

Preferred number of machines on the capacity cushion : Discuss the company’s alternatives in detail including the effects of the preferred number of machines on the capacity cushion.

Difference between financial assets and physical assets : Briefly explain what are the difference between financial assets and physical assets for each of the following characteristics.

Analyze the risks and its impacts of the contract : They should analyze the risks and its impacts of the contract and go ahead for bidding. They should withdraw if the probability of risk is too high.

User Account

All Pages