Calculating retained earnings
Oulette Publishing Company has the following selected account balances at June 30, 2012.
| Inventory | $ 112,000 | Common stock, no par with $0.50 | |
| Machinery and equipment | 108,000 | stated value, 900 shares | |
| Dividends | 8,000 | authorized and issued | $ 450 |
| Depreciation expense | 9,000 | Accumulated depreciation | 61,000 |
| Rent expense | 19,000 | Salary expense | 85,000 |
| Utilities expense | 5,000 | Retained earnings, June 30, 2011 | 114,000 |
| Cost of goods sold | 81,000 | Sales revenue | 240,000 |
Requirements
1.Journalize all required closing entries for the year.
2.Calculate the balance in Retained earnings at June 30, 2012. Use a T-account to show your calculations.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…