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Flint Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares.
Flint Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021, its fiscal year end. All accounts have normal balances. Accounts payable $20,800 Income tax expense $16,000 Accounts receivable 36,000 Insurance expense 6,700 Accumulated depreciation-equipment 24,800 Interest expense 2,700 Cash 57,000 Notes payable 49,000 Cash dividends-common 38,000 Preferred shares 54,750 Cash dividends-preferred 4,500 Prepaid expenses 6,200 Common shares 75,000 Rent expense 35,100 Consulting revenue 412,000 Retained earnings 50,450 Depreciation expense 13,000 Salaries expense 241,000 Dividends payable 15,000 Salaries payable 2,500 Equipment 223,000 Supplies expense 25,100 There are 1,500 preferred and 75,000 common shares issued. Prepare the statement of retained earnings. (List items that increase retained earnings first.) Prepare the statement of retained earnings. (List items that increase retained earnings first.) FLINT ARCHITECTS LTD. Statement of Retained Earnings : $ $ e Textbook and Media List of Accounts Prepare the shareholders' equity section of the balance sheet. FLINT ARCHITECTS LTD. Balance Sheet (Partial) e Textbook and Media List of Accounts Calculate return on equity. Note: No shares were issued during the year. (Round answer to 2 decimal places, eg. 52.75.) Return on equity % e Textbook and Media List of Accounts
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