Question

A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below.   ...

A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below.
  
  Advertising and Promotion Expenses $ 262,900
  Income Tax Expense 56,540
  Interest Expense 43,940
  Other Expenses 122,800
  Other Selling and Administrative Expenses 351,200
  Sales Revenue 1,867,300
  Salaries and Wages Expense 725,200
Required:
a. Calculate the net income for the Green Thumb, Inc. for Year 3.

      

b.

Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162,400 as of January 1, Year 3, and paid out $46,040 in dividends during Year 3.

     

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare...
Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare a) an income statement for the year ended September 30, 2017. **Note, not all balances are debits. Accounts payable                       $2,800                           Note payable                  $5,000 Accounts receivable                     5,400                            Rent expense                     8,200 Advertising expense                    4,600                         Salary expense                  14,100 Cash                                                 6,100                         Salary payable                        900 Cost of goods sold                      21,700                           Sales revenue                  80,800 Inventory                                        5,900                      Interest expense                        800               Utilities expense                              700 b) Using Net Income or Net Loss as per the Income Statement, prepare the Keykin Inc. Statement of Retained Earnings for the year ended September 30, 2017....
This information relates to Crane Co. for the year 2022. Retained earnings, January 1, 2022 $57,000...
This information relates to Crane Co. for the year 2022. Retained earnings, January 1, 2022 $57,000 Advertising expense 2,300 Dividends paid during 2022 8,200 Rent expense 10,300 Service revenue 66,500 Utilities expense 3,000 Salaries and wages expense 24,300 After analyzing the data, prepare an income statement. B.) Prepare a retained earnings statement for the year ending December 31, 2022. (List items that increase retained earnings first.)
Retained Earnings Statement The revenues and expenses of Paradise Travel Service for the year ended May...
Retained Earnings Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare a retained earnings statement for the year ended May 31, 2018. Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages...
These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages payable $ 3,680 Salaries and wages expense 58,900 Supplies expense 17,000 Equipment 20,100 Accounts payable 4,100 Service revenue 67,500 Rent revenue 9,900 Notes payable (due in 2020) 3,800 Common stock 16,000 Cash 30,400 Accounts receivable 11,780 Accumulated depreciation—equipment 7,500 Dividends 4,000 Depreciation expense 5,500 Retained earnings (beginning of the year) 35,200 Prepare an income statement for the year. Swifty Corporation did not issue any...
1) Tiptoe Shoes, had annual revenues of $204,000, expenses of $113,200, and paid dividends of $25,600...
1) Tiptoe Shoes, had annual revenues of $204,000, expenses of $113,200, and paid dividends of $25,600 during the current year. The retained earnings account before closing had a balance of $316,000. The Net Income for the year is: Multiple Choice $90,800 $381,200 $204,000 $406,800 $65,200 2) Tiptoe Shoes had annual revenues of $203,000, expenses of $112,700, and dividends of $25,200 during the current year. The retained earnings account before closing had a balance of $315,000. The entry to close the...
In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following...
In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following condensed data. Salaries and wages expenses $813,750 Loss on disposal of plant assets $ 146,125 Cost of goods sold 1,727,250 Sales revenue 3,867,500 Interest expense 124,250 Income tax expense 43,750 Interest revenue 113,750 Sales discounts 280,000 Depreciation expense 542,500 Utilities expense 192,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) IVANHOE COMPANY Income Statement For the Month Ended December 31, 2017For...
Accounts Payable $ 70,600 Accounts Receivable 46,000 Accumulated Depreciation—Equipment 183,600 Cash 21,600 Common Stock 94,500 Cost...
Accounts Payable $ 70,600 Accounts Receivable 46,000 Accumulated Depreciation—Equipment 183,600 Cash 21,600 Common Stock 94,500 Cost of Goods Sold 1,646,340 Freight-Out 17,410 Equipment 429,190 Depreciation Expense 37,500 Dividends 32,400 Gain on Disposal of Plant Assets 5,400 Income Tax Expense 27,000 Insurance Expense 24,300 Interest Expense 13,500 Inventory 70,300 Notes Payable 117,450 Prepaid Insurance 16,200 Advertising Expense 90,450 Rent Expense 91,800 Retained Earnings 37,900 Salaries and Wages Expense 320,360 Sales Revenue 2,440,000 Salaries and Wages Payable 16,200 Sales Returns and Allowances...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $1,470,000 Office expense 309,000 Miscellaneous expense 26,000 Wages expense 807,000 Everett McCauley invested an additional $49,000 in the business in exchange for common stock, and $29,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $579,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and...
Terrell Co. reported the following data at the end of its first year of operations on...
Terrell Co. reported the following data at the end of its first year of operations on December 31. Equipment $ 27,500 Accounts payable 16,500 Common stock 31,500 Dividends 14,500 Services revenue 76,500 Rent revenue 18,500 Salaries expense 46,500 Advertising expense 12,500 Utilities expense 10,500 (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Prepare its year-end income statement. Required a TERRELL CO. Income Statement For Year Ended December...
Salaries and wages expenses                     $697,500 Loss on disposal of plant assets          $125,250
Salaries and wages expenses                     $697,500 Loss on disposal of plant assets          $125,250 Cost of goods sold                                       1,480,500 Sales Revenue                                          3,315,000 Interest expense                                          106,500 Income Tax Expense                                37,500 Interest revenue                                             97,500 Sales discounts                                        240,000 Depreciation Expense                                465,000 Utilities expense                                       165,000 I This is the income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data. Prepare a multiple-step income statement. (List other revenues before other expenses.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT