Exercise 1-4 MOLINA CO. Income Statement For the Year Ended December 31, 2014 SH
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Question
Exercise 1-4
MOLINA CO.
Income Statement
For the Year Ended December 31, 2014
SHOW LIST OF ACCOUNTS
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MOLINA CO.
Retained Earnings Statement
For the Year Ended December 31, 2014
Exercise 1-4
This information relates to Molina Co. for the year 2014.Retained earnings, January 1, 2014 $67,000 Advertising expense 1,800 Dividends 6,000 Rent expense 10,400 Service revenue 58,000 Utilities expense 2,400 Salaries and wages expense 30,000 After analyzing the data, prepare an income statement for the year ending December 31, 2014.
MOLINA CO.
Income Statement
For the Year Ended December 31, 2014
$
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues$
Dividends Expenses Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.)MOLINA CO.
Retained Earnings Statement
For the Year Ended December 31, 2014
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
$
AddLess: DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
AddLess: DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
$
Explanation / Answer
Molina Co Income Statement For the year ended December 31,2014 Service Revenue 58000 Less : Salaries and Wages expense 30000 Utilities expense 2400 Rent expense 10400 Advertising expense 1800 44600 Net Income transferred to retained earnings 13400 Molina Co Retained earning Statement For the year ended December 31, 2014 Retained earnings , January 1 2014 67000 Add : Net income for the year 2014 13400 Less : Dividends paid 6000 Retained earnings , December 31 2014 74400
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