From the Information Given, Prepare a November Statement of Retained

question 159

Essay

From the information given, prepare a November statement of retained earnings.
On November 1 of the current year, Lois Bell began Lois Bell, Interior Design as a corporation with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:
$\begin{array}{|l|r|l|r|}\hline \text { Accounts Payable } & \$ 12,000 & \text { Office Furnishings } & \$ 40,000 \\\hline \text { Accounts Receivable } & 23,000 & \text { Dividends } & 6,000 \\\hline \text { Cash } & 17,200 & \text { Rent Expense } & 3,600 \\\hline \text { Fees Earned } & 30,000 & \text { Salaries Expense } & 6,200 \\\hline \text { Notes Payable } & 4,250 & \text { Telephone Expense } & 250 \\\hline\end{array}$

Apply financial information to evaluate the financial strength and operational efficiency of a company.

Understand the concept and objectives of the balanced scorecard system.

Identify the benefits of implementing a balanced scorecard in an organization.

Differentiate between traditional performance measurement systems and the balanced scorecard.

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Definitions:

Creditor Actions

Steps or legal measures taken by creditors to collect debts owed to them by borrowers or defaulting parties.

Creditors' Meeting

A gathering of creditors in bankruptcy proceedings where they can participate in decisions regarding the debtor's insolvency process.

Chapter 7 Proceeding

A legal process under the Bankruptcy Code involving the liquidation of an individual's or entity's assets to pay off creditors.

The Means Test

A method used to determine an individual's eligibility for certain types of financial assistance based on their income and assets.