Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Aug 2017 My Price 5.00

Cookies & Pastries Inc

El-14B. Retained earnings and cash. Cookies & Pastries Inc. started business  on July  1, 2010, with $16,000 cash contribution from its owners in exchange for common stock. The company used $7,500 of the cash for equipment for the new shop and $3,500 for cookies and pastries for its inventory. During the month, the company earned $7,000 cash revenue from the sale of the entire inventory. On July 31, the owners spent $5,000 for more cookies and pastries for the inventory. What is the retained earnings balance on July 31? How much cash does the company have on hand on July 31? Explain what retained earnings are and why this amount is not cash.  Use the accounting  equation to help answer the questions.  (LO  4)

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 10:08 PM My Price 5.00

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