20_AC3 X C Solved: Discus X C Get Homeworx C Accounting quX C Accounting q. X c Accounting 9. X C Accounting x + s://docs.google.com/forms/d/e/1FAIpQLSdPCSLAMaBW LeD1_zMypx3s3_opRBsQbuqKEMWPE09)-g/viewform?hr_submission. 2 The following amounts (in thousands) were taken from the December 31 statements of financial position of Komalpreet Foods Inc.: 2015 2014 Total assets $2,630,865 $2,876,490 Total liabilities 577,731 631,994 Instructions (a) How much is Komalpreet Foods' shareholders' equity at December 31, 2015 and 2014? (b) Write Komalpreet Foods' accounting equation for each year. (c) Calculate the change in total shareholders' equity for the year ended December 31, 2015 (d) Assume that Komal Foods had the following changes to its shareholders' equity in 2015: Dividends declared of $(44.66B) thousand and other shareholders' equity items of $(188, 274) thousand How much net income did it report in 2015? Your answer A CING 0 earch C Acreninge Centre- ocs.google.com/forms/d/e/1FAIpQLSDjPCsLA48W_LeD1_zMypx383_opRBsQbuqKEMWPE19-g/viewform?ht_submission... * Heuning X 3 points Craft Carpentry Limited reports the following statement of financial position accounts, in alphabetical order: Accounts payable $15,600 Interest payable $ 300 Accounts receivable 13,100 Inventory 9.200 Bank loan payable 32,000 Prepaid insurance 1,000 Cash 9,350 Retained earnings 21.250 Common shares 20,000 Salaries payable 700 Equipment 30.500 Supplies 2.800 Income tax payable 1.800 Unearned revenue 1,800 Intangible assets 5,000 Vehicles 22.500 Instructions (a) Classify each account as an asset (A), liability (L.). or shareholders' equity (SE) item, (b) Calculate total assets, total liabilities, and total shareholders' equity and prepare Craft Carpentry's accounting equation (c) Craft Carpentry's retained earnings were $18,000 at the beginning of the year. The company reported revenues of $296,750, expenses of $278.500, and dividends declared of $15,000 during the year. Prepare a calculation that proves how retained earnings of $21.250 at the end of the year were determined. Your answer 0