Income statement and statement of stockholders equity

Assignment Help Financial Accounting

Reference no: EM131266791

Solomon Corporation’s adjusted trial balance for the year ending December 31, 2015, is:

SOLOMON CORPORATION

Adjusted Trial Balance

December 31, 2015

DebitCredit

Cash.......................................................$ 4,000

Accounts receivable...........................................6,500

Equipment ..................................................78,000

Accumulated depreciation.....................................CREDIT:.$ 14,000

Notes payable ...............................................CREDIT:10,000

Common stock...............................................CREDIT:43,000

Retained earnings ............................................CREDIT:12,600

Service fees earned ...........................................CREDIT:71,000

Rent expense................................................18,000

Salaries expense .............................................37,100

Depreciation expense..........................................7,000

Totals ......................................................$150,600

a. Prepare its income statement and statement of stockholders’ equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases.

b. Prepare entries to close its temporary accounts in journal entry form.

c. Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. And add a horizontal closing statement. After these entries are posted, what is the post-closing balance of the Retained Earnings account?

Reference no: EM131266791

Questions Cloud

Explain the difference between marketing research and a dss : Explain the concept and purpose of a marketing decision support system. - Explain the difference between marketing research and a DSS.

Did any characteristics of your client change : You are an auditor filing an 8-K Interim Event. Describe your client and what circumstances led you to decide you needed to file this report. Now, in a follow-up post, imagine you need to file an S-1 IPO Registration report on behalf of the same clie..

How many employees do they need to target to hire : A large software company has a workforce of 1500 employees. It's annual turnover is 5 percent and the company has decided they must grow by 12% over the next year. How many employees do they need to target to hire? Explain the rationale of your an..

Calculate equivalent leakage reactance of the transformer : A 100 kVA, 11 kV/231 V transformer has HV and LV winding resistances of 8.51 Ω and 0.0038 Ω respectively.

Income statement and statement of stockholders equity : Prepare its income statement and statement of stockholders’ equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases. Prepare entries to close its tempora..

Steps involved in conducting a marketing research project : Describe the steps involved in conducting a marketing research project.- Why are secondary data sometimes preferable to primary data?

What role might marketing research play : Define marketing research and explain its importance to marketing decision making. - What role might marketing research play in the facilitation of the exchange process?

Explain the assessment tool that will be used : Identify an issue in your community that the needs assessment will be focusing on and provide a brief history of the problem. Describe the necessary steps in the planning process for determining which needs assessment tool will be used.

Problem regarding the employee selection : Compare and contrast the structured interview, situational interview, and behavioral interview. Determine which type of interview would be more beneficial when interviewing applicants. Support your selection.

User Account

All Pages