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1. These items are taken from the financial statements of Grouper Corporation for 2022. Retained earnings...

1. These items are taken from the financial statements of Grouper Corporation for 2022.

Retained earnings (beginning of year)

 $33,280

Utilities expense

 2,110

Equipment

 68,280

Accounts payable

 22,570

Cash

 15,070

Salaries and wages payable

 5,840

Common stock

 12,000

Dividends

 12,000

Service revenue

 69,290

Prepaid insurance

 6,340

Maintenance and repairs expense

 1,690

Depreciation expense

 3,490

Accounts receivable

 15,970

Insurance expense

 2,310

Salaries and wages expense

 38,290

Accumulated depreciation—equipment

 22,570

Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.)

2. You are provided with the following information for Ayayai Enterprises, effective as of its April 30, 2022, year-end.

Accounts payable

 $844

Accounts receivable

 910

Accumulated depreciation—equipment

 670

Cash

 1,370

Common stock

 1,200

Cost of goods sold

 1,070

Depreciation expense

 325

Dividends

 335

Equipment

 2,520

Income tax expense

 175

Income taxes payable

 145

Insurance expense

 220

Interest expense

 410

Inventory

 1,067

Land

 3,200

Mortgage payable

 3,600

Notes payable (due March 31, 2023)

 161

Prepaid insurance

 70

Retained earnings (beginning)

 1,600

Salaries and wages expense

 690

Salaries and wages payable

 232

Sales revenue

 5,200

Stock investments (short-term)

 1,290

Prepare a retained earnings statement for Ayayai Enterprises for the year ended April 30, 2022. (List items that increase retained earnings first.)

3. These financial statement items are for Pharoah Corporation at year-end, July 31, 2022.

Salaries and wages payable

 $ 3,880

Salaries and wages expense

 59,200

Supplies expense

 17,000

Equipment

 20,300

Accounts payable

 4,100

Service revenue

 67,800

Rent revenue

 9,900

Notes payable (due in 2025)

 2,900

Common stock

 16,000

Cash

 30,900

Accounts receivable

 10,880

Accumulated depreciation—equipment

 7,600

Dividends

 4,000

Depreciation expense

 5,600

Retained earnings (beginning of the year)

 35,700

Prepare an income statement for the year. Pharoah Corporation did not issue any new stock during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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ekkarill92 answered 2 years ago
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