Several transactions occurred for Shadow Dreams Corporation during 2012.Indicate the effect each item has directly on retained earnings by writing the amount in the space provided.Place a + (plus sign)in front of the amount if the item increases retained earnings,or ( )parentheses around the amount if the item decreases retained earnings.Place an X in the blank for items that have no direct effect on retained earnings.(Items that affect the income statement do not directly affect retained earnings. )
Definitions:
Simple Delivery Contract
A type of contract involving the transfer of ownership of specific goods or property from the seller to the buyer upon delivery.
Merchant
An individual or business entity engaged in the selling and purchasing of goods or services.
FOB
An incoterm meaning "Free on Board," which indicates that the seller is responsible for goods until they are loaded on a shipping vessel, at which point the responsibility shifts to the buyer.
Shipping Term
A term used in contracts to specify the responsibilities of buyers and sellers regarding the transportation of goods.
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