167. Name and describe the four primary financial statements for a corporation.
1. Income Statement: A summary of the revenue and expenses
for a specific period of time, such as a month or a year.
2. Retained Earnings Statement: A summary of the changes in retained earnings that have occurred
during a specific period of time, such as a month or a year.
3. Balance Sheet: A list of the assets, liabilities, and stockholders’ equity
as of a specific date, usually at the close of the last day of a month or a year.
4. Statement of Cash Flows: A summary of the cash receipts and cash payments for a
specific period of time, such as a month or a year.
168. The assets and liabilities of S&P Day Spa at December 31, 2011, and its revenue and expenses for the year are listed below. The Retained Earnings balance was $57,830 at January 1, 2011.
Accounts Payable$ 4,375Spa Operating Expense$33,760
Accounts Receivable8,490Office Expense2,470
Cash13,980Spa Supplies9,230
Fees Earned98,435Wages Expense26,580
Spa Furniture & Equipment56,000Dividends18,000
Computers2,130Capital Stock10,000
Based on the data provided for S&P Day Spa, prepare an income statement for the year ended December 31, 2011.
169. The assets and liabilities of S&P Day Spa at December 31, 2011, and its revenue and expenses for the year are listed below. The Retained Earnings balance was $57,830 at January 1, 2011.
Accounts Payable$ 4,375Spa Operating Expense$33,760
Accounts Receivable8,490Office Expense2,470
Cash13,980Spa Supplies9,230
Fees Earned98,435Wages Expense26,580
Spa Furniture & Equipment56,000Dividends18,000
Computers2,130Capital Stock10,000
Based on the data provided for S&P Day Spa, prepare a retained earnings statement for the year ended December 31, 2011.