Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On December 31, Hawkin's records show the following accounts. Cash Accounts Receivable Supplies Equipment Accounts Payable Common stock Retained earnings, December 1 Dividends Services Revenue Wages Expense Rent Expense Utilities Expense QS 1-16 (Algo) Preparing a statement of retained earnings LO P2 Use the above information to prepare a statement of retained earnings for Hawkin for the month ended December 31. Hint. Net income is $3,800. HAWKIN Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 Retained earnings, December 31 $ 0 $9,100 1,500 2,100 15,900 8,000 13,700 6,000 2,900 18,000 8,000 3,500 2,700 0

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…