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Stockholder's Equity Section

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Question

Stockholders' Equity section of a balance sheet;Bretton Publishing Company has the following selected accounts balances at June 30, 2010.;Inventory $113,000;Machinery and equipment 107,000;Dividends 5,000;Depreciation expense 10,000;Rent expense 25,000;Utilities expense 8,000;Cost of goods sold 82,000;Common stock, no par with $1.00;stated value, 1,000 shares;authorized and issued 1,000;Accumulated depreciation 64,000;Salary expense 80,000;Retained earning, June 30, 2009 120,000;Sales revenue 230,000;1. Journalize all required closing entries for the year.;2. Calculate the balance in Retained earnings at June 30, 2010. Use a T-account to show your calculations

 

Paper#35125 | Written in 18-Jul-2015

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