Final Exam, Acct 202, Fall 2017 9. W following information is available: oodlawn

Question

Final Exam, Acct 202, Fall 2017 9. W following information is available: oodlawn Com pany is preparing the company's statement of cash flows for the fiscal year just ended. The Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $233,000 S 50,000 $ 85,000 $ 4.500 22,000 30,000 $110,000 The ending balance in retained earnings is: A. $293,000. B. $213,000. C. $297,500. D. S301,000. E. $343,000.

Explanation / Answer

Answer =1 Opening Balance in Retained Earning = $               2,33,000 Add: Net Income of the Year = $               1,10,000 Total Available Fund= $               3,43,000 Less: Cash Dividend Declared for the year = $                  50,000 Closing Retaiened Earning $               2,93,000 Answer = Option A = $ 293,000 Answer = 2 Partner is going to out , Partners Capital is normally a credit balance and in the given question is $ 40,000 . So when we can pay this then we debit the capital and cash will be goes out so we can do credit to Cash account Correct Option is = Debit Edison , Capital $ 40,000 and Credit Cash $ 40,000 Answer = Option C

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