Question

PLEASE ANSWER THE LAST QUESTIONS (as many as you can starting with the last question)

On January 1, 2016, the following information was drawn from the accounting records of Carter Company: cash of $400; land of $2,400; notes payable of $700; and common stock of $1,540. Required a. Determine the amount of retained earnings as of January 1, 2016.

g. During 2016, Carter Company earned cash revenue of $660, paid cash expenses of $380, and paid a cash dividend of $58. (Hint: It is helpful to record these events under an accounting equation before preparing the statements.) (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".)

g-2. Prepare a statement of changes in stockholders’ equity dated December 31, 2016.

g-3. Prepare a balance sheet dated December 31, 2016. g-4.

Prepare a statement of cash flows dated December 31, 2016. (Amounts to be deducted should be indicated with a minus sign.)

j. What is the balance in the Revenue account on January 1, 2016?

Answer 1