Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice
Required information [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 58,000 35,800 112,400 94,000 135,000 0 149,700 11,400 30,800 18,500 36,900 15,600 8,300 12,800 37,000 163,800 26,400 21,000 $ 34,000 38,900 12,300 65,400 98,800 163,000 2-a. What is the amount of retained earnings as of December 31, 2021? 2-b. Did the retained earnings at December 31, 2021, arise primarily from current year earnings or earnings retained from pri 2-c. What is your information source? UTTALE CAPEnse Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers 2-a. What is the amount of retained earnings as of December 31, 2021? 8,300 12,800 37,000 163,800 26,400 21,000 $ 34,000 38,900 12,300 65,400 98,800 163,000 2-b. Did the retained earnings at December 31, 2021, arise primarily from current year earnings or earnings retained from prior years? 2-c. What is your information source? Complete this question by entering your answers in the tabs below. Req 2A Req 28 Req 2C What is the amount of retained earnings as of December 31, 2021? Retained earnings as of December 31, 2021 Req 7A Req 20 >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started