Sydney Company had retained earnings of $56,000 and total stockholders’ equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders’ equity at the end of 20X1.

For fundamental-type variables, list-initialization syntax prevents narrowing conversions that could result in data loss. for fundamental-type variables, list-initialization syntax allows narrowing conversions that could result in data loss.

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Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)