V. For the year ending December 31, 2010, the accounts of Jackson Corporation sh

Question

V. For the year ending December 31, 2010, the accounts of Jackson Corporation showed the following balances: Contributed capital, January 1, 2010 Retained earnings, beginning balance, January 1, 2010 Total revenues earned during 2010 Total expenses incurred during 2010 Total dividends declared during 2010 Issuance of stook during 2010 Give the amount that should be shown in each of the following accounts at the beginning of 2011: S500,000 $100,000 $150,000 $90,000 $10,000 S50,000 Contributed Capital Retained earnings

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Contributed capital , Jan 01 10                   500,000.00 Issuance of stock                      50,000.00 Contributed capital at beginniing of 2011                   550,000.00 b) Revenues                   150,000.00 Less expenses                   (90,000.00) Net Income                      60,000.00 Less dividends                   (10,000.00) Addition to retained earnings                      50,000.00 Retained earnings Jan 01 '2010                   100,000.00 Add addition to Retained earning as computed above                      50,000.00 Retained earnings at beginning of 2011                   150,000.00

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