Ask Experts Questions for FREE Help !
Ask
    Bmcarretta's Avatar
    Bmcarretta Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Sep 15, 2013, 08:35 AM
    Statement of retained earnings
    Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information prepare an August statement of retained earnings for Tech Today. (The owner invested $84,000 cash in the company in exchange for common stock during the first week of August.)


    Cash $ 8,360 Dividends $ 3,000
    Accounts receivable 17,000 Consulting fees earned 17,000
    Office supplies 3,250 Rent expense 4,550
    Land 46,000 Salaries expense 8,000
    Office equipment 18,000 Telephone expense 560
    Accounts payable 8,000 Miscellaneous expenses 280
    Common Stock 84,000
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Sep 15, 2013, 06:36 PM
    So what is your answer
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #3

    Sep 16, 2013, 05:35 AM
    Prepare trial balance. Debits will exceed credits and that must be retained earnings
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Multiple-step income statement in good form and retained earnings statement [ 1 Answers ]

Hi I would like someone to check to see if I did this correctly, if I did not then please help. Thanks The Problem is: The following pretax amounts pertain to River Corp. for the year ended December 31, 2008. Sales... $400,000 Operating Expenses... 84,000 Extraordinary gain... 30,000...

Statement of retained earnings [ 1 Answers ]

1 Is the net income the same as the total stockholders equity? How do I know where to find the net income on the retained earnings statement. 2 if annual cash dividends plus the dividends in arrears were declared do I add them to the statement of retained earnings? 3 If I had an amount for...

Calculating net earnings and preparing statement of retained earnings [ 2 Answers ]

I just started my introduction to accounting class in university and I am a little stuck on this question because we didn't really go over this is class... please help! Here is the information given: Sea Surf Campground is a public camping ground in Ocean National Park. It has the following...

Retained Earnings Statement: How To Do One. [ 1 Answers ]

How do you do a retained earnings statement?? :confused:

View more questions Search