Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 1-9A: Missing information and recording events: As of 12-31-2013 Post Company had $156,000 cash, notes payable of $85,600, and common stock of $52,400. In

Exercise 1-9A: Missing information and recording events:

As of 12-31-2013 Post Company had $156,000 cash, notes payable of $85,600, and common stock of $52,400. In 2014 Post earned $36,000 of cash revenu, paid $20,000 for cash expenses and paid $3,000 cash dividend to stockholders.

a. Determine the amount of retained earnings as of 12-31-2013.

B. Create an accounting equation and record the beginning account balances under the appropriate elements.

C. Record the revenue, expense, and dividend events under the appropriate elements of the accounting equations in question B.

D. Prove the equality of the accounting equation as of December 31, 2014.

E. identify the beginning and ending balances in the Cash and Common stock accounts. Explain why the beginning and ending balances in the Cash account are different, but the beginning and ending balances in the common stock account remain the same.

"Need this ASAP...." Please try to answer within an hour

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Letter Of Credit Learners Guide To Letter Of Credit

Authors: Nisha S Koshal

1946822078, 978-1946822079

More Books

Students also viewed these Accounting questions

Question

human beings that you care for them?

Answered: 1 week ago

Question

What is the role of the Joint Commission in health care?

Answered: 1 week ago