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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
النسخة 14الرقم المعياري الدولي: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
النسخة 14الرقم المعياري الدولي: 978-1305653535 تمرين 2
Retained earnings statement
Using the income statement for Paradise Travel Service shown in Basic Exercise 1-4, prepare a retained earnings statement for the year ended May 31, 2018. Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
Using the income statement for Paradise Travel Service shown in Basic Exercise 1-4, prepare a retained earnings statement for the year ended May 31, 2018. Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
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موثّق
Retained earnings: It refers the part of earning which are being kept by enterprise for the purpose of future growth or expansions. This is very important for growing enterprises since they rely on it for future along with outside funds. In this case, company PTS has prepared accounts wherein opening retained earnings as on June 1, 2017 are $300,000.
Enterprise PST has various transactions during the year and it is required to prepare statement of retained earnings. Following is the calculation using Excel Sheet:
The result of the above Excel sheet is given below:
Retained earnings statement above is show of all earning retained as well as appropriated further in form of dividend paid. Therefore, change in retained earnings added to opening gives us Retained earnings at end.In this case, company has raised capital through common stock of $40,000. Common stock is not added in retained earnings, as it is included in a shareholder's fund in balance sheet. And nowhere it is disclosed that stock amount raised is been retained.Hence, retained earnings of enterprise PTS as on May 31, 2018 is
.
Note:
Net Income earned during the year has been derived from the Basic exercise 1-4 and it is shown below using Excel sheet:
The result of the above Excel sheet is given below:
Enterprise PST has various transactions during the year and it is required to prepare statement of retained earnings. Following is the calculation using Excel Sheet:
The result of the above Excel sheet is given below: Retained earnings statement above is show of all earning retained as well as appropriated further in form of dividend paid. Therefore, change in retained earnings added to opening gives us Retained earnings at end.In this case, company has raised capital through common stock of $40,000. Common stock is not added in retained earnings, as it is included in a shareholder's fund in balance sheet. And nowhere it is disclosed that stock amount raised is been retained.Hence, retained earnings of enterprise PTS as on May 31, 2018 is .Note:
Net Income earned during the year has been derived from the Basic exercise 1-4 and it is shown below using Excel sheet:
The result of the above Excel sheet is given below:
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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