Francis Matthews owns and operates Daffodil Advertising Services. On January 1, 2013, Retained Earnings had a balance of $475,000. During the year, Francis invested an additional $50,000 in exchange for capital stock and $30,000 in dividends were paid. For the year ended December 31, 2013, Daffodil Advertising Services reported a net income of $139,500. Prepare a retained earnings statement for the year ended December 31, 2013.View Solution: Francis Matthews owns and operates Daffodil Advertising Services On January

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for the year 2016, net income of carol company is 20,000 and dividends declared are $6,000; what is the retained earnings

ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of commonstock outstanding for the year. The following income statement account balances are availablefor ERS at the end of 2019.Advertising expense $24,200Depreciation expense(on service van) 16,250Income taxes expense 15,150Insurance expense 11,900Interest expense 10,100Rent expense 58,400Salaries expense (foradministrative personnel) $195,600Service revenue 933,800Supplies expense 66,400Utilities expense 26,100Wages expense (for servicetechnicians) 448,300Required:1. Prepare a single-step income statement for ERS for 2019.2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able toincrease its service revenue by $100,000, what should be the effect on future income?

Below are the May 31, 2015, year-end financial statements for Gillespie Corp., prepared by a sum- mer student. There were no share capital transactions in the year just ended. Gillespie Corp. Income Statement For the Year Ended May 31, 2015 Revenues $382,000 25,000 Service revenue Unearned service revenue Rent revenue 90,000 Expenses Warehouse rent expense Prepaid advertising Salaries and benefits expense Dividends Utilities expense Insurance expense Shop supplies expense Net income 100,000 17,000 110,000 10,000 42,000 15,000 6,000 $197,000 Gillespie Corp. Statement of Changes in Equity At May 31, 2015 Share Retained Total Capital $5,000 Earnings $140,000 197,000 $337,000 Equity $145,000 197,000 $342,000 Opening balance Net income Ending balance $5,000 Gillespie Corp. Balance Sheet For the Year Ended May 31, 2015 Assets Liabilities Cash $ 50,000 Accounts payable $130,000 85,000 45,000 240,000 52,000 Accounts receivable Office equipment Building Shop supplies Total liabilities $130,000…

At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000.During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000.At the end of the year Unique has total assets of $672,000 and total equity of $377,000.What was the company's beginning total equity? What was the change in liabilities during the year? What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?

The total assets and the total liabilities of a Kahn Jazz, Inc., at the beginning and at the end of the year appear below. During the year, the company paid $55,000 in cash dividends and issued an additional $33,000 of capital stock. Assets at Beginning and End of year, respectively, are $305,000 and $365,000. Liabilities at Beginning and End of year, respectively, are $200,000 and $230,000. The correct amount of Net Income or Net Loss for the year is:   Net Income of $52,000 Net Loss of $58,000 Net Income of $30,000 Net Income of $85,000

During 2018 Bajery paid out $33,525 of common dividends. In ended the year with $187,500 of retained earning versus the prior's retained earnings of $159600. How much net income did the firm earn during the year?