On September 1, Chadd, Inc. reported Retained Earnings of $4…

On September 1, Chadd, Inc. reported Retained Earnings of $408,000. During the month of September, Chadd generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $18,000. What is the balance in Retained Earnings on September 30?

Desi Company, a merchandising firm, reports the following da…

Desi Company, a merchandising firm, reports the following data as of January 31: Stockholders’ equity $5,700 Property, plant, and equipment 10,000 Inventory 3,500 Accounts receivable 1,200 Other current liabilities 600 Accounts payable 800 Long-term notes payable 8,000 Cash 400 Prepare a classified balance sheet for Desi Company as of January 31. DESI COMPANY Balance Sheet January 31 Assets   Liabilities & Stockholders’ Equity   Current Assets:   Current Liabilities:   Cash [cash]   Accounts payable [acctspay] Accounts receivable [acctsrec]   Other current liabilities [otherliab] Inventory [inventory]   Total Current Assets [totalcurasset]   Total Current Liabilities [totalcurliab]   Noncurrent Assets:     Noncurrent Liabilities:   Property, plant & equipment [ppe]   Long-term notes payable [ltnotepay] Total Noncurrent Assets [totalnoncurasset]   Total Noncurrent Liabilities [totalnoncurrliab]     Stockholders’ equity [equity] Total Assets [totalassets]   Total Liabilities & Stockholders’ Equity [totalliabandse]