P1-5a - 15,000 Dividends 25,000 48000 14,000 20,000 Total...

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Financial statement information about four different companies is as follows. Instructions (a) Determine the missing amounts. ( Hint : Assets = Liabilities + Stockholder's equity) Karma Yates McCain Dench Company Company Company Company January 1, 2008 Assets $95,000 $110,000 $ 120000 $170,000 Liabilities 50,000 50000 75,000 80000 Stockholder's equity 45000 60,000 45,000 90,000 December 31, 2008 Assets 115000 137,000 200,000 250000 Liabilities 55,000 75,000 70000 80,000 Stockholder's equity 60,000 62000 130,000 170,000 Stockholder's equity changes in year Additional investment 10000 15,000 10,000
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Unformatted text preview: 15,000 Dividends 25,000 48000 14,000 20,000 Total revenues 350,000 420,000 431000 520,000 Total expenses 320,000 385,000 342,000 435000 (b) Prepare the retained earnings statement for Yates Company. Assume beginning retained earnings was $20,000. (Enter all amounts as positive amounts and subtract where necessary.) YATES COMPANY Retained Earnings Statement For the Year Ended December 31, 2008 Retained Earnings, January 1 20000 Add: Net income 35000 55000 Less: Dividends 48000 Retained Earnings, December 31 $ 7000...
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This note was uploaded on 07/31/2011 for the course ACCT 557 taught by Professor Kahn during the Spring '10 term at Strayer.

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P1-5a - 15,000 Dividends 25,000 48000 14,000 20,000 Total...

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