Reference no: EM13918743
The following data were taken from the records of Wathen Company. Except as otherwise indicated, all balances are as of December 31, 2013, before the closing entries had been recorded.
Consulting revenue .............. $18,200
Cash ..................... 35,600
Cash received from common stock issued during 2013 . 6,000
Travel expense ................. 2,100
Dividends ................... 4,000
Cash flow from investing activities ......... 5,200
Rent expense ................... 3,500
Payment to reduce debt principal ......... 10,000
Retained earnings, January 1, 2013 ......... 16,200
Salary expense ................. 7,200
Cash flow from operating activities ......... 2,600
Common stock, December 31, 2013 ........ 16,000
Other operating expenses ............. 2,300
Required:
a. Identify the accounts that should be closed to the Retained Earnings account.
b. Prepare the income statement that Wathen would include in its 2013 annual report.
c. Determine the Retained Earnings account balance at December 31, 2013. Explain how the company could pay cash dividends in excess of the amount of net income earned in 2013.
d. Name the stages of the accounting cycle in the order in which they normally occur.
|
Null and alternative hypotheses used to test
: For this assignment, we are interested in finding out whether participation in a creative writing course results in increased scores of a creativity assessment. For this part of the activity, you will be using the data file "Activity 4a.sav". In ..
|
|
What is the cost of underestimating demand
: If the number of additional police officers available is less than demand, the city will have to use overtime to meet the demand. What is the cost of underestimating demand?
|
|
Organizational behavior models of individual
: Analyze the relationship between the basic organizational behavior models of individual, group, and organizational processes, and the productivity of an organization.
|
|
Evaluation of current marketing channels
: Evaluation of current logistics, production and shipping strategies. Evaluation of current marketing channels
|
|
Identify the accounts that should be closed
: The following data were taken from the records of Wathen Company. Except as otherwise indicated, all balances are as of December 31, 2013, before the closing entries had been recorded.
|
|
Equivalent units of production
: Compute equivalent units of production for (1) materials and (2) conversion costs. (1=270000, 2=263000) Compute the unit costs for the month. ($.740741 materials and $2.049430 conversion cost and $2,790171 total Determine the costs to be assigned to ..
|
|
What is the recommended order quantity
: What is the recommended order quantity? What is the probability that at least some customers will ask to purchase the product after the outlet is sold out?
|
|
Interest and principal were paid in cash
: Classic Corporation borrowed $108,000 from the bank on November 1, 2012. The note had an 4 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date
|
|
Double declining method of depreciation
: A company purchased a computer on July 1, 2015 for $50,000. Estimated useful life of the computer was 5 years and it has no residual value. Calculate Depreciation for the first year using double - declining method of depreciation.
|