Retained Eamings Statement Accounting Cyde Yolanda Weaver owns and operates Weav

Question

Retained Eamings Statement Accounting Cyde Yolanda Weaver owns and operates Weaver Advertising Services. On January 1, 2018, Retained Earnings had a balance of $238,850. During the year, Yolanda invested an additional $52,500 in From the following list of steps in the accounting cycle, identify what two steps are missing: exchange for common stock and $31,100 in dividends were paid. For the year ended December 31, 2018, Weaver Advertising Services reported a net income of $44,200 a. Transactions are analyzed and recorded in the journal b. Transactions are posted to the ledger c. An unadjusted trial balance is prepared d. An optional end-of-period spreadsheet is prepared e. Adjusting entries are journalized and posted to the ledger f. An adjusted trial balance is prepared g. Financial statements are prepared. h. A post-closing trial balance is prepared Prepare a retained earnings statement for the year ended December 31, 2018 Weaver Adversing Services Retained Earnings Statement For the Year Ended December 31, 2018 Select the steps in the accounting cycle in their proper order and include the two missing steps Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained earnings statement, or balance sheet. 1. Accumulated Depreciation-Building 2. Cash 3. Fees Earned 4. Insurance Expense 5. Prepaid Rent 6. Supplies 7. Dividends 8. Wages Expense 10.

Explanation / Answer

(a) Retained earnings statement Weaver advetising services Retained earnings statement For the year ended December 31, 2018 Opening balance January 01, 2018 $            2,38,850 Add: Net Income $       44,200 Less: Dividend paid $       31,100 $                13,100 Closing balance December 31, 2018 $            2,51,950 (b) Flow of accounts in to financial statements 1 Accumulate depreciation - building Balancesheet 2 Cash Balancesheet 3 Fees earned Income statement 4 Insurance Expense Income statement 5 Prepaid rent Balancesheet 6 Supplies Balancesheet 7 Dividends Retained earnings statement 8 Wages expense Income statement (c) Accounting Cycle 1 Transactions are analyzed and recorded in the journal 2 Transactions are posted to the ledger 3 An unadjusted trial balance is prepared 4 Adjustment data are assembled and analyzed 5 An optional end of period spreadsheet is prepared 6 Adjusting entries are journalized and posted to the ledger 7 An adjusted trial balance is prepared 8 Financial statements are prepared 9 Closing entries are journalized and posted to the ledger 10 A post closing trial balance is prepared

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.