1.calculate net income?
2.compute retain earnings at the end of accounting period?
3.contrast new trial balance after taking into consideration a and
b above?
4. what are retained earnings?
Note : please show all steps? e.g how calculate net
income etc
Homework Answers
1)
Net Income =Revenue -Total expense
= 45500 - [16000+3250+4250]
= 45500 - 23500
= 22000
2)
Retained earning at end = Retained earning at beginning +Net income -Dividend
= 0 + 22000 -7500
= 14500
3)
|
CORNELL PRODUCTS INC POST CLOSING TRIAL BALANCE DECEMBER 31 2018 |
||
| Cash | 15500 | |
| Accounts receivable | 12750 | |
| Office equipment | 22500 | |
| Accumulated depreciation | 6000 | |
| Accounts payable | 7750 | |
| capital stock | 22500 | |
| Retained earning | 14500 | |
| Total | 50750 | 50750 |
4)Retained earning is that amount of profit which is not distributed to shareholders rather retained in business for future prospects .
Add Answer to:
1.calculate net income?
2.compute retain earnings at the end of accounting period?
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