Answer to Question #213439 in Accounting for zuby

Question

Given the following facts, prepare a statement of retained earnings for Brindle Company, a tanning

salon, for August 2010:

Balance in retained earnings at end of July, USD 188,000.

Dividends paid in August, USD 63,600.

Net income for August, USD 72,000.

The column totals of a summary of transactions for Speedy Printer Repair, Inc., as of 2010 December 31, were as

follows:

Accounts payable $60,000

Accounts receivable 90,000

Capital stock 100,000

Cash 40,000

Land 80,000

Building 50,000

Equipment 30,000

Notes payable 20,000

Retained earnings ?

Prepare a balance sheet. We have purposely listed the accounts out of order.

Answer 1

Solution:

The accounts are as below: