Question
Glenn Corporation had the following list of account balances for the year ended December 31, 2017. Net Sales $1,350,000 Cash $400,000 Accounts Receivable 120,000 Operating
Glenn Corporation had the following list of account balances for the year ended December 31, 2017.
Net Sales | $1,350,000 | Cash | $400,000 | |
Accounts Receivable | 120,000 | Operating Expenses | 380,000 | |
Equipment | 300,000 | Common Stock | 250,000 | |
Accounts Payable | 100,000 | Interest Income | 20,000 | |
Accumulated Depreciation | 30,000 | Cost of Goods Sold | 750,000 | |
Inventories | 30,000 | Prepaid Rent | 10,000 | |
Income Taxes Payable | 40,000 | Income Taxes Expense | 71,000 | |
Notes Payable Dividends Interest Expense | 200,000 10,000 4,000 | Retained Earnings, January 1, 2017 | 85,000 | |
|
|
|
| |
Required:
Calculate net income for the year ending December 31, 2017.
Calculate ending retained earnings for the year ending December 31, 2017.
Calculate current assets on December 31, 2017.
Calculate total stockholders equity on December 31, 2017.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started