Questions
BACC011 Week 5: Practice Quiz
Multiple dropdown selections
Here is the trial balance information for Joy Sales for the year ended 30 June 2023. Use this information to fill in the blanks and calculate total equity. Accounts payable 6,000 Accounts receivable 40,000 Bank loan 200,000 Cash 30,000 Cost of sales (140,000) Dividends (11,200) Insurance expense (5,000) Interest expense (6,000) Inventory 152,400 Prepaid insurance 12,800 Equipment 464,400 Retained earnings, opening balance 117,800 Revenues 397,860 Share capital 182,540 Selling expense (4,600) Unearned revenue 25,600 Wages expense (69,200) Wages payable 5,800 Share capital [ Select ] 11,200 117800 173,060 182,540 Retained earnings calculation: Retained earnings opening balance 117,800 + Net profit [ Select ] 257,860 397,860 173,060 84,800 342,660 Dividends [ Select ] 117,800 173,060 (11,200) 182,540 Retained earnings closing balance [ Select ] 279,660 290,860 117,800 Total equity = share capital + retained earnings closing balance [ Select ] 462,200 117,800 279,660 182,540
View Explanation
Verified Answer
Please login to view
Step-by-Step Analysis
Here is how to approach filling in the blanks and calculating total equity from Joy Sales' trial balance for the year ended 30 June 2023.
First, identify the equity components available in the trial balance. The balance sheet items that represent equity in this problem are share capital and retained earnings (opening balance plus net profit minus dividends).
Share capital options: The correct share capital figure should match the given balance in the trial balance for share capital. Among the options provided, 182,540 is the actual share capital balance, so selecting......Login to view full explanationLog in for full answers
We've collected over 50,000 authentic exam questions and detailed explanations from around the globe. Log in now and get instant access to the answers!
Similar Questions
Wildhorse Company began the year 2025 with retained earnings of $651000. During the year, the company sold additional shares of stock for $1017000, recorded revenues of $649000, expenses of $376000, and paid dividends of $141000. What was Wildhorse's retained earnings balance at the end of 2025?
Complete the sentence. Net income of an accounting period increases...
Which of the following statements regarding net income is correct?
Problem 18-4 (Algo) Statement of retained earnings; financial statement effects [LO18-5, 18-7] Comparative statements of retained earnings for Renn-Dever Corporation were as follows: RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2026 2025 2024 Balance at beginning of year $6,737,452 $5,494,552 $5,644,552 Net income (loss) 3,208,700 2,100,900 (150,000) Deductions: Stock dividend (30,000 shares) 210,000 Common shares retired (100,000 shares) 200,000 Common stock cash dividends 809,950 658,000 0 Balance at end of year $8,926,202 $6,737,452 $5,494,552 At December 31, 2023, common shares consisted of the following: Common stock, 1,700,000 shares at $1 par $ 1,700,000 Paid-in capital—excess of par 5,100,000 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation’s retained earnings during 2024, 2025, and 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
More Practical Tools for Students Powered by AI Study Helper
Making Your Study Simpler
Join us and instantly unlock extensive past papers & exclusive solutions to get a head start on your studies!