141) The following is a summary of the balance sheet accounts for Betty's Bacon Inc. Organize the accounts into Betty's Bacon's Balance Sheet.
Accounts Payable37,500Land62,500
Inventory42,500Salary Payable12,000
Prepaid Insurance5,000Tax Payable50,000
Common Shares75,000Accounts Receivable17,500
Furniture and Fixtures125,000Retained Earnings40,000
Bank loan44,000Cash6,000
142) Prepare a Statement of Retained Earnings for the year ended June 30, 2011.
Chedacorn was incorporated on July 1, 2009 by 10 shareholders who each invested $100,000 in cash in exchange for common shares. Chedacorn's year end is June 30th. In its first year of business chedacorn had a net income of $243,750. For its years ended June 30, 2010 and 2011, its second and third years of operation, Chedacorn reported net income of $472,500 and $560,000 respectively. In its first year Chedacorn did not pay any dividends, but in fiscal 2010 it paid $62,500 in dividends and in 2011 it paid $100,000 in dividends.
143) What criteria are used to determine if a transaction has occurred?