Dean Co. Loiselle, Inc. Bailey Corp. Beginning Assets . . . . . . . . . . . . $
ID: 2609308 • Letter: D
Question
Dean Co.
Loiselle, Inc.
Bailey Corp.
Beginning
Assets . . . . . . . . . . . .
$ 76
$ 41
?
Liabilities . . . . . . . . . .
51
15
2
Common stock . . . . .
5
6
7
Retained earnings . .
?
20
10
Ending
Assets . . . . . . . . . . . .
?
$60
$ 21
Liabilities . . . . . . . . . .
52
27
?
Common stock . . . . .
5
?
4
Retained earnings . .
33
?
?
Income Statement
Revenues . . . . . . . . .
$227
?
$ 26
Expenses . . . . . . . . .
211
154
?
Net income . . . . . . . .
?
?
?
Statement of retained earnings
Beginning RE . . . . . .
$ 20
$ 20
$ 10
+ Net income . . . . . .
?
20
6
- Dividends declared
(3)
(17)
0
= Ending RE . . . . . . .
$33
$23
$16
Dean Co.
Loiselle, Inc.
Bailey Corp.
Beginning
Assets . . . . . . . . . . . .
$ 76
$ 41
?
Liabilities . . . . . . . . . .
51
15
2
Common stock . . . . .
5
6
7
Retained earnings . .
?
20
10
Ending
Assets . . . . . . . . . . . .
?
$60
$ 21
Liabilities . . . . . . . . . .
52
27
?
Common stock . . . . .
5
?
4
Retained earnings . .
33
?
?
Income Statement
Revenues . . . . . . . . .
$227
?
$ 26
Expenses . . . . . . . . .
211
154
?
Net income . . . . . . . .
?
?
?
Statement of retained earnings
Beginning RE . . . . . .
$ 20
$ 20
$ 10
+ Net income . . . . . .
?
20
6
- Dividends declared
(3)
(17)
0
= Ending RE . . . . . . .
$33
$23
$16
Explanation / Answer
Dean Co. Loiselle, Inc. Bailey Corp. Beginning Assets $76 $41 19 Liabilities 51 15 2 Common stock 5 6 7 Retained earnings $20 20 10 Ending Assets 90 $60 $21 Liabilities 52 27 1 Common stock 5 $10 4 Retained earnings 33 23 16 Income Statement Revenues $227 174 $26 Expenses 211 154 20 Net income $16 20 6 Statement of retained earnings Beginning RE $20 $20 $10 + Net income 16 20 6 - Dividends declared -3 -17 0 = Ending RE $33 $23 $16 Dean Co. Loiselle, Inc. Bailey Corp. Beginning Assets $76 $41 (2+7+10) Liabilities 51 15 2 Common stock 5 6 7 Retained earnings (76-51-5) 20 10 Ending Assets (52+5+33) $60 $21 Liabilities 52 27 (21-4-16) Common stock 5 (60-27-23) 4 Retained earnings 33 From RE below From RE below Income Statement Revenues $227 (154+20) $26 Expenses 211 154 (26-6) Net income From RE below From RE below From RE below Statement of retained earnings Beginning RE $20 $20 $10 + Net income (33+3-20) 20 6 - Dividends declared -3 -17 0 = Ending RE $33 $23 $16
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