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ABC Company has the following end of period account balances: Accounts payable: $ 30,000 Accounts receivable: $ 50,000 Accumulated depreciation: $ 210,000 Buildings and equipment:

ABC Company has the following end of period account balances:

  • Accounts payable: $ 30,000
  • Accounts receivable: $ 50,000
  • Accumulated depreciation: $ 210,000
  • Buildings and equipment: $ 450,000
  • Cash: $ 30,000
  • Common stock: $ 90,000
  • Cost of goods sold expense: $ 240,000
  • Depreciation expense: $ 10,000
  • Dividends: $ 40,000
  • Inventory: $ 50,000
  • Long-term notes payable: $ 190,000
  • Prepaid expenses: $ 20,000
  • Retained earnings (beginning balance): $ 50,000
  • Service revenue: $ 370,000
  • Unearned revenue: $ 40,000
  • Wage expense $ 90,000

a. Calculate net income.

b. Calculate ending retained earnings

c. Calculate total assets

d. Calculate total liabilities

e. Calculate total stockholders' equity

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