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Stockholders' Equity section of a balance sheet Bretton Publishing Company

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Question;Stockholders' Equity section of a balance sheetBretton Publishing Company has the following selected accounts balances at June 30, 2010.Inventory $113,000Machinery and equipment 107,000Dividends 5,000Depreciation expense 10,000Rent expense 25,000Utilities expense 8,000Cost of goods sold 82,000Common stock, no par with $1.00stated value, 1,000 sharesauthorized and issued 1,000Accumulated depreciation 64,000Salary expense 80,000Retained earning, June 30, 2009 120,000Sales revenue 230,0001. 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.Attachment Preview

 

Paper#37917 | Written in 18-Jul-2015

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