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:
$\begin{array}{|l|r|l|r|}\hline \text { Accounts Payable } & \$ 12,000 & \text { Office Furnishings } & \$ 40,000 \\\hline \text { Accounts Receivable } & 23,000 & \text { Dividends } & 6,000 \\\hline \text { Cash } & 17,200 & \text { Rent Expense } & 3,600 \\\hline \text { Fees Earned } & 30,000 & \text { Salaries Expense } & 6,200 \\\hline \text { Notes Payable } & 4,250 & \text { Telephone Expense } & 250 \\\hline\end{array}$

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Definitions:

Consumer Bill of Rights

The Consumer Bill of Rights is a set of guidelines that aim to protect consumers in the marketplace by ensuring fair trade practices and the right to safety, to be informed, to choose, and to be heard.

Corporate Culture

The shared values, beliefs, attitudes, and practices that characterize an organization and shape its behavior and its employees'.

Ethical Behavior

Conduct that aligns with accepted moral guidelines or principles, typically characterized by fairness, integrity, and responsibility.

Codes of Ethics

A set of principles and guidelines designed to help professionals conduct business honestly and with integrity.