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Determining Missing Information Using the Accounting Equation Use your knowledge of accounting relations to complete the following table for Boatsman Company. 2016 2017 Beginning retained
Determining Missing Information Using the Accounting Equation Use your knowledge of accounting relations to complete the following table for Boatsman Company.
2016 | 2017 | |
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Beginning retained earnings | $189,089 | Answer |
Net income (loss) | Answer | 48,192 |
Dividends | 0 | 15,060 |
Ending retained earnings | $169,634 | Answer |
Barth Company reports the following year-end account balances at December 31, 2016. Prepare the 2016 income statement and the balance sheet as of December 31, 2016.
Accounts payable | $ 16,000 | Inventory | $ 36,000 |
Accounts receivable | 30,000 | Land | 80,000 |
Bonds payable, long-term | 200,000 | Goodwill | 8,000 |
Buildings | 151,000 | Retained earnings | 160,000 |
Cash | 148,000 | Sales revenue | 500,000 |
Common stock | 150,000 | Supplies inventory | 3,000 |
Cost of goods sold | 180,000 | Supplies expense | 6,000 |
Equipment | 70,000 | Wages expense | 40,000 |
Barth Company Income Statement For Year Ended December 31, 2016 | |||
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AnswerAccounts payableAccounts receivableBonds payableBuildingsCashCommon stockCost of goods soldEquipmentInventoryLandGoodwillRetained earningsSales revenueSupplies inventorySupplies expenseWages expense | Answer | ||
Expenses | |||
AnswerAccounts payableAccounts receivableCost of goods soldRetained earningsSales revenue | Answer | ||
AnswerLandGoodwillBonds payableCommon stockWages expense | Answer | ||
AnswerBuildingsEquipmentInventorySupplies inventorySupplies expense | Answer | ||
Total expenses | Answer | ||
Net income | Answer |
Barth Company Balance Sheet December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
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