Retained earnings

accounts) for the specified amount this includes all cash, equipment, supplies, purchases, revenue earned, etc. and calculate the balance of each. Fourth one would calculate and record the balance of each of the account ledgers (T accounts) and prepare the unadjusted trial balance. Fifth one would enter the unadjusted trial balance on to a worksheet, this is just again recording the balance with the appropriate account. The sixth step is to determine, journalize and record the adjusting entries if any. The seventh step is to prepare the adjusted trial balance, the adjusted trial balance is the unadjusted trial balance less any adjusting entries. The eighth step is to prepare the financial statements- income statement, statement of retained earnings, and balance sheet. The ninth step is to journalize and post the closing entries. The final and tenth step is to prepare the post-closing trial balance”,( Nobles, 2014, PG 227). The role that each step in the accounting cycle plays is to ensure that all entries journalize and recorded are accurate each time an expense is paid, revenue is earned, or when purchases are made, (Jane, 2016). The omission of any of the accounting cycle steps can impact the success of a business. One will want to ensure that they are accurate recording transactions to the appropriate accounts. If one was to omit, journalizing transactions the balance sheet will be off. Each of the accounts will affect the financial statements differently. One will want…

There is a great amount of injustices are happening all around us as we speak and we are aware of maybe half of them. For example, In America you have to have been charged with a crime to be in prison. Tariq Ba Odah has been imprisoned since 2002 without charge. Many changes have occurred since his arrest, police injustice towards him, and attempts to close Guantanamo. Tariq Ba Odah may die in Guantanamo if he soon isn’t released. He has been on a hunger strike for eight years now and is in a…

securities and and net loans and leases increasing. These increases were from Mid Penn making more loans and purchasing more securities. Their peer group’s ROA is 1.07% for 2014. NIM is defined as net interest income divided by total assets. Mid Penn’s NIM increased slightly from 3.35% to 3.78%. Total interest income increased by $1.6 million while total interest expense decreased by $629 million. This change caused net interest income to increase by $2.3 million. Total assets increased as…

The total revenue formula is profit margin equal Net Income over sales, profit Margin for the 2012 10.75%, 2013 11.18%, 2014 9.75% (Yahoo finance, 2016). 2013 General Electric have the greatest profit margin The Reason for 2013 Margin was in 2012 the company earnings before interest and taxes was less than 2012 and 2014 therefore income tax expense were less “on January 2, 2013 due to the fact American Taxpayer relief Act of 2012 was enacted and the law extended many provisions, including a two-…

income would appear much larger. This year, Diamond Gem Cleaning is paying over 43% of their income to taxes. Not calculating this on their income statement would grossly overrepresent their net income. Before subtracting taxes they would have a profit margin of 5% vs 3% after subtracting taxes. After adding the net income to the beginning balance of retained earning, we end up with the ending balance of retained earnings. Since the ending balance of retained earnings is the beginning balance…

Retained earnings, year 1 $632MM Add Net Income, year 2 35MM Less Dividends year 2 (2)MM Retained earnings, year 2 $665MM its most recent financial statements, Newhouse Inc. reported $50 million of net income and $810 million of retained earnings. The previous year, its balance sheet showed $780 million of retained earnings. What were the total dividends paid to shareholders during the most recent year? Finance Answers (1) • [pic] Not yet rated Anonymous - 14…

he Income Summary account is used to Close the revenue and expense accounts. The income summary account is a transitional account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. The net amount transferred into the income summary account equals the net profit or loss that the business incurred during the period. Thus, shifting revenue out of the income statement means debiting the revenue account for the total amount of revenue…

One of the advantages Maria Gonzalez would enjoy is that ownership of a corporation is represented by transferable shares. This would allow Maria to raise money easily by selling a part of her ownership in the company. Another advantage is that because holders of the shares (shareholders’) enjoy limited liability, they are not personally liable for the debts of the corporate entity. Also, because ownership can be transferred without dissolving the corporation, the corporation enjoys an unlimited…

such as capital stock, paid-in capital and retained earnings (Weygandt, Keiso, & Warfield, 2013). Additionally, these different types of capital are all reported separately. From an investor’s point of view, some of these capitals are more important than each other. An investor should also pay close attention to how the earnings per share of stock are reported as basic or diluted. Knowing the difference can make a big difference in their investments. Separation of Paid in Capital from Earned…

could be considered a taxable income because it was a positive asset to him without producing any expense. Another thought from the thief perspective are……. The necklace Frank would use to impress the ladies would be an expense that would decrease the retained earnings and net income on the income statement. Also, this would decrease cash on the balance sheet. He had an expense on meals & entertainment when he met up with his father at a fancy restaurant. 4. Multiple banks would have to show…