Solution-Prepare the statement of retained earnings for the

Prepare the statement of retained earnings for the year

Assignment Help Accounting Basics

Reference no: EM133170189

Question - Accounts from the adjusted trial balance at December 31, 2021, are listed in alphabetical order below for AliBaba:

Accounts payable	4,800	Insurance expense	1,600
Accounts receivable	19,750	Interest expense	700
Accumulated depreciation - equipment	39,600	Interest payable	700
Bank loan payable	10,000	Patent	10,850
Cash	11,000	Prepaid insurance	800
Common Shares	20,000	Rent expense	7,200
Deferred revenue	6,200	Retained earnings	10,400
Depreciation expense	13,200	Salaries expense	13,625
Dividends declared	2,000	Salaries payable	1,625
Equipment	66,000	Service revenue	60,600
Income tax expense	4,000	Supplies	1,265
Income tax payable	4,000	Supplies expense	5,935

Required -

a. Prepare the closing journal entries.

b. Prepare the Statement of Retained Earnings for the year ended December 31, 2021.

Reference no: EM133170189

Questions Cloud

Develop a resource plan for all the possible resources : You are required to access the simulated business of 'Bayside Call Centre.' Your role will be that of a newly appointed Human Resources Manager.

Use the direct method to allocate the costs : Use the direct method to allocate the costs of the Library and Computing service departments to the School of Business and the School of Health

Seven reasons for ma activity in the global economy : What is the difference between a merger, acquisition, and takeover?

How to split the group of products : Prepare a managerial report that help Moore Zales decide how to split the group of products being offered between an hour of peak and two hours of off-peak airt

Prepare the statement of retained earnings for the year : Accounts from the adjusted trial balance at December 31, 2021, Prepare the Statement of Retained Earnings for the year ended December 31, 2021

Overview of the types of decisions : Your task on Lucro Island was to begin management of a hotel. Provide an overview of the types of decisions (strategic. tactical. operational) you made to manag

Name of the head of the country and political party : Name of the head of the country and political party Names of the major political parties and their agenda

Prepare the adjusting entry to be made on december : ?Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31, 2011

Measurement guide for em potential : How does India rate on the 6 points of the Measurement Guide for EM Potential?

User Account

All Pages

Prepare the statement of retained earnings for the year

Reference no: EM133170189

Reference no: EM133170189

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT