Answered step by step
Verified Expert Solution
Question
1 Approved Answer
having some trubbles Lolich Company reports the following balances in its accounts (listed alphabetically) after all transactions have been recorded during 2019. Balance Account Title
having some trubbles Lolich Company reports the following balances in its accounts (listed alphabetically) after all transactions have been recorded during 2019. Balance Account Title (1) Accounts Payable. 2) Accounts Receivable (3) Common Stock 147 Cash (5) Dividends (8T Equipment (7) Insurance Expense (8) Land 191 Prepaid Insurance (10) Subscriptions Revenue (11) Retained Earnings (beginning balance on 1/1/19) 142) Unearned Subscriptions Revenue $10 11 150 143 3 83 21 40 19 82 71 7 Required: Calculate the following dollar amounts that would be reported on the financial statements of Lolich Company prepared on December 31, 2019. List the account titles and dollar amounts used in your calculation in the blank space provided beneath each category (you can use the numbers in parenthesis rather than listing the name of account). Put your answer in the box provided. Hint: not all accounts will be used in answering the parts below. 1. Total Assets reported on the Balance Sheet. Answer $45 2. Net Income (Loss) reported on the Income Statement. 89.36 Answer sy $ 3. Ending Retained Earnings reported on the Statement of Stockholders' Equity 58 q Answer $ 124 129 3 126
having some trubbles
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