Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash $ 33,000 Service Revenue $ 120,000 Buidings $ 64,000 Salaries Expense $ 24,000 Accounts Payable $ 11,000 Equipment $ 86,000 Utilities Expense $3,000 Supplies

Cash $ 33,000 Service Revenue $ 120,000 Buidings $ 64,000 Salaries Expense $ 24,000 Accounts Payable $ 11,000 Equipment $ 86,000 Utilities Expense $3,000 Supplies $6,000 $18,000 Notes payable $ 42,000 $4,000 Rent Expense Supplies expense Accounts Receivables $21,000 In addition, the company had common stock of $55,000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings of $23,000 at the beginning of the year and paid dividends of $2,000 during the year. Please prepare income statement, statement of stockholders' equity and classified balance sheet and provide the following amounts: Net income Ending balance of common stock Ending balance of retained earnings Ending total stockholders' equity Total assets Total current assets Total long-term assets Total liabilities Total liabilities and stockholders' equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Information Analysis 2e

Authors: Philip ORegan

2nd Edition

0470865725, 978-0470865729

More Books

Students also viewed these Accounting questions