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-   -   What is the income statmets and retain earning in folllowing question? (https://www.askmehelpdesk.com/showthread.php?t=594842)

  • Aug 28, 2011, 12:52 PM
    elmira1
    What is the income statmets and retain earning in folllowing question?
    Would you please help me with this question.I have a hard time with that .
    ABV corporation had the following account information at the end of the last two years

    12/31/2009 12/31/2010

    Account payable 75,000 70,000
    Account receivable 100,000 120,000
    Cash 30,000 ?
    Common stock 20,000 20,000
    Dividend 10,000 10,000
    Expenses 920,000 884,000
    Net cash from financing activity (10,000) (10,000)
    Net cash from investing activity (7,500) (5,000)
    Net cash from operating activity 22,500 ?
    Notes payable 45,000 40,000
    Property and equipment 195,000 204,000
    Retain earning 192,000 ?
    Revenue 1000,000 950,000
    Supplies 7,500 9,500

    A. What is the December 31,2010 net income?
    B. What is the December 31,2010 Retained Earning?
    C. What is the December 31,2010 cash ?
    D. What is the December 31,2010 net cash from operating activity?


    Please help me with that
    Thanks
  • Sep 2, 2011, 05:17 AM
    RavenWolf1
    Account receiveable is the income. Property and Equipment is income as well. Any asset (property, insuance, equipment, vehicles, etc... taht is considered income)

    Retained earnings is everything you made after your expenses (minus supply, payroll, vehicle payments or property rent)

    All NET CASH and if any of the retained earnings came in cash...

    This is stated in this note is $22,500
  • Sep 2, 2011, 07:08 AM
    elmira1
    Yes but what happened for the ending net cash from operating activity ?

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