At the beginning of April, Falcon Corporation has a balance of $12,400 in the Retained Earnings...
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At the beginning of April, Falcon Corporation has a balance of $12,400 in the Retained Earnings account. During the month of April, Falcon had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. Note: Decreases should be entered as a negative. Transaction Retained earnings, April 1 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $7,900. 3. Provide services to customers in exchange for cash, $2,600. 4. Purchase equipment and pay cash, $7,000. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $2,900. 7. Pay dividends to stockholders, $1,700. Retained earnings, April 30 Balance $ 12,400 At the beginning of April, Falcon Corporation has a balance of $12,400 in the Retained Earnings account. During the month of April, Falcon had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. Note: Decreases should be entered as a negative. Transaction Retained earnings, April 1 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $7,900. 3. Provide services to customers in exchange for cash, $2,600. 4. Purchase equipment and pay cash, $7,000. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $2,900. 7. Pay dividends to stockholders, $1,700. Retained earnings, April 30 Balance $ 12,400
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To compute the balance of Retained Earnings at April 30 we need to take into account the external transactions that occurred during the month of April ... View the full answer
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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