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NEED HELP ASApP! i will give thumbs up You are an accountant at Cook Inc. preparing the Statement of Retained Earnings for Year 2 Last
NEED HELP ASApP! i will give thumbs up
You are an accountant at Cook Inc. preparing the Statement of Retained Earnings for Year 2 Last year, Year 1, was the first year of operations for Cook Inc. During Year 1. Cook Inc. had net income of $39,000 and paid dividends of $3,000. Below is select information for Year 2 after the adjusting process: Service Revenue: $96,000 Unearned Revenue: $10,000 Interest Revenue: $2,500 Accounts Receivable: $13,000 Supplies: $900 Accounts Payable: $7,000 Supplies Expense: $3,000 Depreciation Expense: $4,500 Salaries Expense: $30,000 Rent Expense: $12,000 Interest Expense: $2,000 Dividends: $4,000 Common Stock: $20,000 Required: Complete the Statement of Retained Earnings for Year 2. Enter dividends as negative (use a minus sign in front or parentheses). Commas can be used or omitted. Cook Inc. Statement of Retained Earnings Interest Expense: $2,000 Dividends: $4,000 Common Stock: $20,000 Required: Complete the Statement of Retained Earnings for Year 2. Enter dividends as negative (use a minus sign in front or parentheses). Commas can be used or omitted. Cook Inc. Statement of Retained Earnings For the Year Ended December 31, Year 2 Retained Earnings, January 1, Year 2 $ Add: Net Income $ Less: Dividends Retained Earnings, December 31, Year 2 $ Step by Step Solution
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