Dean Co Loiselle Inc Bailey Corp Beginning Assets

Dean Co.

Loiselle, Inc.

Bailey Corp.

Beginning

Assets . . . . . . . . . . . .

$ 76

$ 41

?

Liabilities . . . . . . . . . .

51

15

2

Common stock . . . . .

5

6

7

Retained earnings . .

?

20

10

Ending

Assets . . . . . . . . . . . .

?

$60

$ 21

Liabilities . . . . . . . . . .

52

27

?

Common stock . . . . .

5

?

4

Retained earnings . .

33

?

?

Income Statement

Revenues . . . . . . . . .

$227

?

$ 26

Expenses . . . . . . . . .

211

154

?

Net income . . . . . . . .

?

?

?

Statement of retained earnings

Beginning RE . . . . . .

$ 20

$ 20

$ 10

+ Net income . . . . . .

?

20

6

- Dividends declared

(3)

(17)

0

= Ending RE . . . . . . .

$33

$23

$16

	Dean Co.	Loiselle, Inc.	Bailey Corp.
Beginning
Assets . . . . . . . . . . . .	$ 76	$ 41	?
Liabilities . . . . . . . . . .	51	15	2
Common stock . . . . .	5	6	7
Retained earnings . .	?	20	10
Ending
Assets . . . . . . . . . . . .	?	$60	$ 21
Liabilities . . . . . . . . . .	52	27	?
Common stock . . . . .	5	?	4
Retained earnings . .	33	?	?
Income Statement
Revenues . . . . . . . . .	$227	?	$ 26
Expenses . . . . . . . . .	211	154	?
Net income . . . . . . . .	?	?	?
Statement of retained earnings
Beginning RE . . . . . .	$ 20	$ 20	$ 10
+ Net income . . . . . .	?	20	6
- Dividends declared	(3)	(17)	0
= Ending RE . . . . . . .	$33	$23	$16

Solution

Dean Co. Loiselle, Inc. Bailey Corp. Beginning Assets           $76 $41 19 Liabilities           51 15 2 Common stock      5 6 7 Retained earnings   $20 20 10 Ending Assets             90 $60 $21 Liabilities           52 27 1 Common stock      5 $10 4 Retained earnings   33 23 16 Income Statement Revenues          $227 174 $26 Expenses          211 154 20 Net income         $16 20 6 Statement of retained earnings Beginning RE       $20 $20 $10 + Net income       16 20 6 - Dividends declared -3 -17 0 = Ending RE $33 $23 $16 Dean Co. Loiselle, Inc. Bailey Corp. Beginning Assets           $76 $41 (2+7+10) Liabilities           51 15 2 Common stock      5 6 7 Retained earnings   (76-51-5) 20 10 Ending Assets             (52+5+33) $60 $21 Liabilities           52 27 (21-4-16) Common stock      5 (60-27-23) 4 Retained earnings   33 From RE below From RE below Income Statement Revenues          $227 (154+20) $26 Expenses          211 154 (26-6) Net income         From RE below From RE below From RE below Statement of retained earnings Beginning RE       $20 $20 $10 + Net income       (33+3-20) 20 6 - Dividends declared -3 -17 0 = Ending RE $33 $23 $16