The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 2 Cash $ 4,600 Accounts receivable $ 1,750 Dividends 2,300 Common stock 2,600 Revenue 2,775 2,600 1,450 Land Accounts payable 1,350 Expense What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2?

Presented below is an alphabetical list of account balances taken from the books of an entity at the end of the current period, December 31:   Accounts payable P125,000 Accrued expenses 47,000 Cash surrender value on life insurance 29,000 Dividends, ordinary shares 100,000 Dividends, preference shares 150,000 Mortgage payable (including P200,000 due in six months) 1,200,000 Note payable (not due within 12 months) 1,500,000 Premium on notes payable 25,000 Profit and loss summary – credit balance 500,000 Retained earnings, January 1 550,000 Share capital - Ordinary, P100 par 1,000,000 Share capital - Preference, P200 par 450,000 Share premium – ordinary 250,000 Unamortized issue cost on note payable 25,000 Unearned rent income 33,000   What is the retained earnings balance on December 31?

Felix Company had the following balances in its accounting records as of December 31, Year 1*: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 1 1 1 31 31 31 Jan. Mar. Apr. May Sept Dec. Cash 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 55,000 + 166,000 + + + + + Assets Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + $ Made a cash payment on accounts payable. Paid a cash dividend to the stockholders. Purchased additional land with cash. Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. 46,000 48,000 21,000 60,000 129,000 + Land 60,000 Balance Sheet = 25,000 = = = = 25,000 = (60,000) = = = Liabilities & Stockholders'…

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