Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how can I slove question #3? I have tried doing to equation a=l+oe piror to sloving for retained earnings, but I can not get it

how can I slove question #3?
I have tried doing to equation a=l+oe piror to sloving for retained earnings, but I can not get it to be balanced on both sides. image text in transcribed
3. National Shops, Inc. reporte December 31, 2016: al Shops, Inc. reported the following amounts on its balance sheet as of A Inventory A = L + E $325.000 L Notes payable 100,000 A Cash 150.000 SE Common stock 750,000 A Net property, plant and equipment 600,000 A Accounts receivable 30,000 L Accounts payable 45,000 SE Retained earnings + Net income -Ovidends - Ending Required: Bosing Reched Songs 1. What is the amount of National's total assets as of December 31, 20162 OSODO 2. Identify the items listed above that are liabilities. $145,000 3. What is the amount of National's retained earnings as of December 31, 2016? 4. Prepare a balance sheet for National at December 31, 2016. retained Ecrinos E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of Campus Connection, which specializes in items that in At the end of January of the current year, you find (for January only) this information: a Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situati b. With the help of a friend (who majored in accounting), you determine that all of the goc January cost $70,000 to purchase. E c. During the month, according to the checkbook, you paid $37,000 for salaries, rent, sup ing, and other expenses; however, you have not yet paid the $900 monthly utilities for store and fixtures. Required: On the basis of the data given (disregard income taxes), what was the amount of net incon Show computations. (Hint: A convenient form to use has the following major side cap from Sales, Expenses, and the difference - Net Income.)

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

Audit Analytics Data Science For The Accounting Profession

Authors: J. Christopher Westland

1st Edition

3030490904, 9783030490904

More Books

Students also viewed these Accounting questions