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What was Top Corporation's net income in 20X2?
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Study Notes
London Business School
- The Master's in Management (MIM) programme is developed in consultation with top recruiters to provide students with key skills in high demand.
- The programme is 11 months full-time study, providing business knowledge and capabilities to increase career choices and stand out in the job market.
- Applications are open for entry in September 2011.
- Contact information:
- Address: Regent's Park, London NW1 4SA, United Kingdom
- Telephone: +44 (0)20 7000 7573
- Email: [email protected]
- Website: www.london.edu/mim/
Accounting Cycle Exercises I
- Problem 6:
- Worksheet and solution provided
- Problem 7:
- Worksheet and solution provided
- Problem 8:
- Worksheet and solution provided
- Problem 2:
- TOP CORPORATION's income statement, statement of retained earnings, and balance sheet for the years ending December 31, 20X2, 20X3, and 20X4
- Revenues, expenses, net income, and retained earnings are reported
- Problem 3:
- Prepare Bologna's income statement, statement of retained earnings, and balance sheet for the year ending December 31, 20X5
- Given information: capital stock, wage expense, revenue, cash, utilities expense, beginning retained earnings, rent expense, accounts payable, equipment, dividends, and accounts receivable
- Problem 5:
- RAJAGOPUL CORPORATION's income statement, statement of retained earnings, and balance sheet for the month (through transactions #1, #2, and #3)
- Given information: revenues, expenses, net income, and retained earnings### Financial Statements of Rajagopul Corporation
- Rajagopul Corporation's financial statements include a Balance Sheet, Income Statement, and Statement of Retained Earnings.
- The Balance Sheet provides a snapshot of the company's assets, liabilities, and stockholders' equity at a specific point in time.
- The Income Statement shows the company's revenues, expenses, and net income over a specific period of time (in this case, a month).
Balance Sheet Analysis
- The Balance Sheet has three main sections: Assets, Liabilities, and Stockholders' Equity.
- Assets include Cash, Accounts Receivable, and Building.
- Liabilities include Wages Payable and Notes Payable.
- Stockholders' Equity includes Capital Stock and Retained Earnings.
Income Statement Analysis
- The Income Statement has two main sections: Revenues and Expenses.
- Revenues include Services to Customers.
- Expenses include Wages and Utilities.
- Net Income is the difference between Revenues and Expenses.
Statement of Retained Earnings Analysis
- The Statement of Retained Earnings shows the changes in Retained Earnings over a specific period of time.
- Beginning Retained Earnings is the starting point, and then Net Income is added and Dividends are subtracted to get the Ending Retained Earnings.
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Description
This 11-month full-time programme provides key skills demanded by top employers, enhancing business knowledge and capabilities to stand out in the job market.
