Questions#1 and 2 (req 1&2)
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b)
question#2
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b)
Jarvis began operations on January 1, Year 1, and its Retained Earnings balance on that date was $0. In its first two years of operations, it reported the following at its December 31 year-end. Net income Dividends Year 1 $ 30,000 $ 8,000 Year 2 $ 50,000 $ 14,000 (a) Prepare the statement of retained earnings for Year 1 at its December 131 year end. (b) Prepare the statement of retained earnings for Year 2 at its December 31 year end. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the statement of retained earnings for Year 1 at its December year end. JARVIS Statement of Retained Earnings For Year Ended December 31, Year 1 Jarvis began operations on January 1, Year 1, and its Retained Earnings balance on that date was $0. In its first two years of operations, it reported the following at its December 31 year-end. Net income Dividends Year 1 $ 30,000 $ 8,000 Year 2 $ 50,000 $ 14,000 (a) Prepare the statement of retained earnings for Year 1 at its December 31 year end. (b) Prepare the statement of retained earnings for Year 2 at its December 31 year end. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the statement of retained earnings for Year 2 at its December 31 year end. JARVIS Statement of Retained Earnings For Year Ended December 31, Year 2 a. Byrde Company purchased a truck. The seller asked for $14,400, but Byrde paid only $13,400 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $18,400. What amount does Byrde record on its financial statements for the truck? b. Snell Company performs services for a client in May and bills the client $4,400. In June, Snell receives a partial payment of $2,000 cash. In July, the remaining $2,400 cash is received. Determine the monthly revenue recorded in May, June, and July applying revenue recognition principle. Complete this question by entering your answers in the tabs below. Required A Required B Byrde company purchased a truck. The seller asked for $14,400 but Byrde pold only $13,400 after negotiation. The owner of Byrde company believes he got a great deal and the truck is really worth $18,400. What amount does Byrde record on its financial statements for the truck? Financial statement amount Required 3 > a. Byrde Company purchased a truck. The seller asked for $14,400, but Byrde paid only $13,400 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $18,400. What amount does Byrde record on its financial statements for the truck? b. Snell Company performs services for a client in May and bills the client $4,400. In June, Snell receives a partial payment of $2.000 cash. In July, the remaining $2,400 cash is received. Determine the monthly revenue recorded in May, June, and July applying revenue recognition principle. Complete this question by entering your answers in the tabs below. Required A Required B Snell Company performs services for a client in May and bills the client $4,400. In June, Snell receives a partial payment of $2,000 cash. In July, the remaining $2,400 cash is received. Determine the monthly revenue recorded in May, June, and July applying revenue recognition principle. (Leave no cells blank be certain to enter "o" wherever required.) Revenue May June July
