Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What are the calculations for the retained earnings for Nov? Ive done most of the chart but I am stuck. On November 1, 2017, Teal

What are the calculations for the retained earnings for Nov? Ive done most of the chart but I am stuck.

image text in transcribedimage text in transcribed
On November 1, 2017, Teal Mountain Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $10,440 Accumulated Depreciation-Equipment $1,160 Accounts Receivable 2,598 Accounts Payable 3,944 Supplies 998 Unearned Service Revenue 4,640 Equipment 29,000 Salaries and Wages Payable 1,972 $43,036 Common Stock 23,200 Retained Earnings 8,120 $43,036 During November, the following summary transactions were completed. Nov. 8 Paid $4,118 for salaries due employees, of which $2,146 is for November and $1,972 is for October. 10 Received $2,204 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9,280, terms 2/10, n/30. 12 Sold merchandise on account for $6,380, terms 2/10, n/30. The cost of the merchandise sold was $4,640. 15 Received credit from Dimas Discount Supply for merchandise returned $348. 19 Received collections in full, less discounts, from customers billed on sales of $6,380 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,668 cash for services performed in November. 25 Purchased equipment on account $5,800. 27 Purchased supplies on account $1,972. 28 Paid creditors $3,480 of accounts payable due. 29 Paid November rent $435. 29 Paid salaries $1,508. 29 Performed services on account and billed customers $812 for those services. 29 Received $783 from customers for services to be performed in the future.Part 7 Your answer is partially correct. Prepare a retained earnings statement for November. TEAL MOUNTAIN INC. Retained Earnings Statement For the Month Ended November 30, 2017 v Retained Earnings, November 1 8120 Add V Net Income / (Loss) 1003.40 Retained Earnings, November 30 v 9123.40

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting

Authors: Charles T Horngren, John A Elliott

9th Edition

0131479725, 978-0131479722

More Books

Students also viewed these Accounting questions

Question

Am I just skimming over the problem?

Answered: 1 week ago

Question

Always show respect for the other person or persons.

Answered: 1 week ago