(Solution) - The assets and liabilities of Post Maple Inc as of -(2025 Original AI-Free Solution)

Paper Details

The assets and liabilities of Post Maple, Inc., as of December 31, 2010, and revenues and expenses for the year ended on that date follow.

Beginning retained earnings was $117,000, and dividends totaled $38,000 for the year.

Requirements
1. Prepare the income statement of Post Maple, Inc., for the year ended December 31, 2010.
2. Prepare the companys statement of retained earnings for the year.
3. Prepare the companys balance sheet at December 31, 2010.
4. Analyze Post Maple, Inc., by answering these questions:
a. Was Post Maple profitable during 2010? By how much?
b. Did retained earnings increase or decrease? By how much?
c. Which is greater, total liabilities or total equity? Who owns more of Post Maples assets, creditors of the company or the Post Maplesstockholders?