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I. The following is a list of account balances at the end of 2015 for Otis Corporation: v Sales revenue S160,000 Cash $24,000 12,000 Selling
I. The following is a list of account balances at the end of 2015 for Otis Corporation: v Sales revenue S160,000 Cash $24,000 12,000 Selling expenses 25,000 33,000 Common stock38,000 9,000 Interest income 2,000 Salaries and wages expense 33,000 Cost of goods sold 74,000 4,000 3,000 Income tax expense 6,000 Accounts receivable Equipment Accounts payable Inventories Income taxes payable Notes payable 15,000 Prepaid rent 14,000 A. What are total assets at the end of 2015? i 000 B. What are total liabilities at the end of 2015 C. What is net income for the year ended 12/31/15? D. What is retained earnings at the end of 2015? E. What is stockholders' equity (owners' equity) at the end of 2015? SEA L
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