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Saved Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash $ 10,000 Accounts receivable Supplies 9,000 7,000 Equipment 4,000 Accounts payable 11,000 Common stock 14,000 3,000 Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends 5,000 13,000 Consulting revenue 33,000 Rental revenue 22,000 Salaries expense 20,000 Rent expense Selling and administrative expenses 12,000 8,000 Required: Prepare the statement of retained earnings for Armani Company for the current year ended December 31. ARMANI COMPANY Statement of Retained Earnings For Current Year Ended December 31 $ Retained earnings, December 31, prior year Add: Net income 55,000 15,000 70,000
ezto.mheducation.com/ext/map/index.html?_conscon&external browser=0&launchUrl=https%253A%252F%252Fims.mheducation.com%252Fmghmidd... ☆ Canvas & MA123 MA 123 sy G M Help Save & Exit Submit Check my work Ming Chen started a business and had the following transactions in June. a. Owner invested $60,000 cash in the company along with $15,000 of equipment in exchange for its common stock. b. The company paid $1.500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,500 cash. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The company purchased additional equipment for $6,000 cash. g. The company paid an assistant $3,000 cash as wages for the month h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 1. The company paid $10,000 cash to settle the liability created in transaction c j. The company paid $1,000 cash in dividends to the owner (sole shareholder) Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assots Liabilities Accounts Payable Equity Dividends Accounts Receivable Common Stock + Equipment $15,000 . Revenues 0. S Expenses S $ $ 0 . (1,500 (1.500) Balance after a and b . Balance after c 14 15.000. 10,000 a 25,000 a 0 25.000 0 " 25,000- 6.000. 0 . 0. 0 + D . 8,000. 8,000 + ol (1,300) 19 (1.500) of (1.500 Balance after d Balance after e Priv Chapter 1 Homework 1 10 points eBook Print Seferences Mc Graw Hill $ Cash 60,000. $ (1,500) 58,500 . 0 56,500. 2,500 • 61,000 . 0 . 61,000. 06.000. 0+ $ . + 10.000. 10,000 + 0 10,000+ 0. 10,000+ 0. 1 of 4 75,000 0 75,000 - 0- 75.000 - 75,000- 0- 75,000- D Next > + 0 + 0 + 0 * 0 O 0 of f + 0- 0- 0- 0- 2,500- 2,500 8,000- 10,500 - of
Question 1- Chapter 1 Home X + C ezto.mheducation.com/ext/map/index.html?_con-con&external browser=0&launchUrl=https%253A%252F%252Fims.mheducation.com16252Fmghmidd Canvas MA123 MA 123 sy G M Chapter 1 Homework Seved Help 1 Assets Liabilities Equity Dividends . Ravenues Accounts Equipment. Receivable Accounts Payable Common Stock Expenses $15.000- $ $ 75,000 0. (1.500 (1,500) 15,000 10,000 25.000 (1,500) (1500) W 25.000 0 25.000 . 6,000- 31,000 (1.500) (1.500 3,000 31,000 . 1,500 . 1.500 10 points eBook Prim References Mc Graw Hill b Balance after a and b la Balance after c d Balance after d Balance after e 9 Balance after g h Balance after h Balance ateri Balance after j $ Cash 3 60,000. $ (1,500). 58.500 58.500. 2,500. 61,000+ 0. 61,000. 16,000). 55,000. (3,000). 52,000. 5,000 57,000+ (10,000+ 47,000+ (1.000) 46,000 . +0 0 . . 0 0 0 . . . 0 0 . 0 + 8,000 8,000. 8.000 0. 8,000 (5,000). 3.000 + 3,000 . $ 3.000. 100 . -10 M 0 - 10 31.000 0 31,000 Co $31.000 . Prev $ +0 +0 10 10.000. 10,000. 0 10,000 10,000+ 10.000. 0. 10.000. 10.000. (10,000) . . 0 + . + <.0 10 0 1er 4 . - 0 $ 10 75,000- 75,000- 75.000 - 75,000- 75,000 75,000- 75.000 75.000- 0 75.000- Next > <-0 - 0 - <-10 S $ <.0 +0 0 . 0 10 p 0 0 0 0 . 0 . O ▼ . . 0 •10 . • . . ♦ 1.000. 1,000 $ <-10 - 10 0 <-0 2,500 2.500- 8,000 10,500 - 10.500 10.500- 10.500- - 10.500 0 $10.500 <- 10: - 10 lo $ 1.500 $1.500 Save & Ext Submit Check my work Update