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I want to know which ones are the Retained Earnings in it. Event Interpretation, Simple Accounting System & General Purpose Financial Statement Randi had a
I want to know which ones are the Retained Earnings in it.
Event Interpretation, Simple Accounting System & General Purpose Financial Statement Randi had a tough time finding a summer job when she went home from college, so she decided to go into business for herself mowing lawns. Randi's Lawn Care, Inc.(RLC, Inc.) is the business name. Randi's corporation had the following economic events during the month of June. June 1 Used $200 of her own money and RLC, Inc. borrowed $450 from Randi's father for financing. 2 Rented a used pickup truck from an uncle for $85 per month. Paid for the first month's use. 3 Rented a lawnmower ($75 per month), an edger ($50 per month), and a wheelbarrow ($10 per month) at an equipment rental store. Paid only the June rental fees in full. 4 RLC, Inc. paid $75 for 30 gallons of gasoline and paid $48 for various other supplies. 16 During the first two weeks, performed $528 of lawn-mowing services. Customers paid in cash. 18 Received a $35 bill (on open account) for a newspaper advertisement that had appeared earlier in the month. (RLC, Inc. will pay the bill when due on July 10.) 29 During the last half of the month, performed $507 of lawnmowing services and collected the cash. 30a On Saturday, Randi mowed and trimmed lawn in front of HomeTownBank. HomeTownBank will pay $75 for the service on Monday July, 2. 30b Randi physically counted the remaining inventory of supplies. The results of which include 24 gallons of gas and 1/3 of other supplies are still on-hand at the close of business on June 30.. 30c RLC, Inc. paid back one third of the loan from Randi's father plus $5 for June's interest. 30d RLC, Inc. declared and paid a dividend of $125 to the sole shareholder (i.e., Randi). 30e Randi mailed a $135 RLC Inc., check payable to the equipment rental store for July's equipment rental. For this event Randi will need to set up a new asset account titled Prepaid RentStep by Step Solution
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