1 answer

Exercise 1-7A Missing information and recording events LO 1-4 As of December 31 Year 1. Moss...

Question:

Exercise 1-7A Missing information and recording events LO 1-4 As of December 31 Year 1. Moss Company had total cash of $166,0
Exercise 1-7A Missing information and recording events LO 1-4 As of December 31 Year 1. Moss Company had total cash of $166,000, notes payable of $86,600, and common stock of $53.400. During Year 2 Moss earned $46,000 of cash revenue, paid $25,000 for cash expenses, and paid a $4,000 cash dividend to the stockholders Required o. Determine the amount of retained earnings as of December 31, Year 1 b.& c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under the appropriate elements of the accounting equation d. Complete the equality of the accounting equation as of December 31, Year 2 Complete this question by entering your answers in the tabs below. Reg A Reg B and C Red D Determine the amount of retained earnings as of December 31, Year 1. Retained earnings

Answers

a. Calculation of Retained Earnings as of December 31, Year 1:

Retained Earnings = Total Assets - Liabilities - Common Stock

= Cash - Notes Payable - Common Stock

= $166,000 - $86,600 - $53,400

= $26,000

.

Similar Solved Questions

1 answer
ASK YOUR TEACHER PRACTICE ANOTHER 11. [-/1 Points] DETAILS LARCALC11 1.3.054. MY NOTES Find the limit....
ASK YOUR TEACHER PRACTICE ANOTHER 11. [-/1 Points] DETAILS LARCALC11 1.3.054. MY NOTES Find the limit. (If an answer does not exist, enter DNE.) VX + 8 - 6 x - 28 lim X-28 Need Help? Read it Talk to a Tutor...
1 answer
How do you convert #r=2/(1+sin(theta))# into cartesian form?
How do you convert #r=2/(1+sin(theta))# into cartesian form?...
1 answer
Describe the types of cells that can be used in tissue engineering approaches. What are the...
Describe the types of cells that can be used in tissue engineering approaches. What are the pros/cons to specific cell types?...
1 answer
10% Balance the following redox reaction: (a) Br(1) + SO:(8) ► Br (aq) + SO.” (aq)...
10% Balance the following redox reaction: (a) Br(1) + SO:(8) ► Br (aq) + SO.” (aq) (In acld)...
1 answer
Problem 5. (20 points) There are two competing firms. Each firm decides when to exit the...
Problem 5. (20 points) There are two competing firms. Each firm decides when to exit the market: (i) immediately, (ii) after 6 months, or (iii) after 1 year. If a firm decides to exit the market, it does not get any payoff from that point on (that is, its utility stays the same). After every 6 month...
1 answer
Please answer the following questions using exponential and logarithmic models. 4) A wooden artif...
Please answer the following questions using exponential and logarithmic models. 4) A wooden artifact from an archaeological dig contains 70 percent of the Carbon-14 that is present in living trees. To the nearest year, about how many years old is the artifact? (The half-life of Carbon-14 is 5730 yea...
1 answer
Arrange the followingmolecules in order of increasing strength (weakest to stromgt) a Lewis bases CO 02
Arrange the followingmolecules in order of increasing strength (weakest to stromgt) a Lewis bases CO 02...
1 answer
ASAP IN LESS THAN 30 MINS PLZ (e) The filter with difference equation has a frequency...
ASAP IN LESS THAN 30 MINS PLZ (e) The filter with difference equation has a frequency response Hu) that is equal to The input signal to the filter is: Which of the following plots shows the spectrum YU) of the output signal? (10 pts.) M01 0 0102 03 04 04 03 42 งเงเ (d)s 0...
1 answer
7. You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage...
7. You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 8.1 percent APR for this 300-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the ...
1 answer
2. * A bond with a redemption value of £100 pays coupons of £1.50 semi-annually (i.e....
2. * A bond with a redemption value of £100 pays coupons of £1.50 semi-annually (i.e. the bond holder receives £1.50 twice per year), with the first coupon due in half a year. The bond will mature in ten years' time. It is currently selling for £95.25. (a) Without making ...
1 answer
Green Valley Company prepared the following trial balance at the end of its first year of...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles UNADJUSTED Debit Credit Cash Accounts receivable Prepaid insurance Machinery Accumulated deprec...
1 answer
How do you find the first and second derivatives of #y= (6x^2+4)/ (2x+2)# using the quotient rule?
How do you find the first and second derivatives of #y= (6x^2+4)/ (2x+2)# using the quotient rule?...
1 answer
Application Problem 11-13A a-b (Part Level Submission) Southwestern Exposure Ltd. began operations on January 2, 2020....
Application Problem 11-13A a-b (Part Level Submission) Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders' equity: 1. Southwestern Exposure's articles of incorporation authorize the issuance of 1,000,000 common sh...
1 answer
What are some examples of gas stoichiometry?
What are some examples of gas stoichiometry?...
1 answer
In a mass spectrometer, a singly charged ion having a particular velocity is selected by using...
In a mass spectrometer, a singly charged ion having a particular velocity is selected by using a magnetic field of 7.0×10−2 T perpendicular to an electric field of 1.0×103 V/m . A magnetic field of this same magnitude is then used to deflect the ion, which moves in a circular path ...