Question
Leviathan Global, Inc. (LGI) provides organizational services to opera companies and symphonies. LGI has hired you to prepare its financial statements. Osvaldo Garza, Chief Executive
Leviathan Global, Inc. (LGI) provides organizational services to opera companies and symphonies. LGI has hired you to prepare its financial statements. Osvaldo Garza, Chief Executive Officer, and 60% shareholder in LGI, has a Master of Fine Arts from the Julliard School in New York, no accounting education or experience, and provided you with the following data: LGI was sued in 2019 from breach of contract. LGI is accused of providing substandard seating at a concert and the petitioner is suing for $100,000 in damages. As of December 31, 2019, the case was still be adjudicated. Osvaldo had a 401K balance of $450,000 as of December 31, 2019. Osvaldo purchased a used Tesla Roadster in 2019 for $80,000. Osvaldo gives you a typed list of LGI income information, expense information, assets and liabilities on December 31, 2019: Accounts Payable $122,000 Land $900,000 Accounts Receivable $313,500 Misc. Expense $129,500 Cash $530,500 Office Expense $630,000 Common Stock $1,000,000 Supplies $ 33,500 Fees Earned $2,632,000 Wages Expense $1,317,000 Retained Earnings on January 1, 2019, were $300,000. During 2019, LGI paid $200,000 in dividends.
In 2019, how much revenue did LGI report?
What were LGI's total expenses in2019?
What was LGI's net income in 2019?
What was the change in retained earnings for 2019?
What was the retained earnings balance on Dec. 31 2019?
What is the amount of cash reported on the balance sheet on Dec. 31 2019?
What are total assets shown on the balance sheet on Dec 31 2019?
How much in liabilities are reported on the balance sheet?
total stockholders' equity on Dec 31 2019?
total liabilities and stockholders' equity on dec 31. 2019?
do they need to file a corporate tax return with the irs?
do they pay FUTA and SUTA taxes?
How much in dividends did Osvaldo receive?
if a loan was taken out from LGI, where would the transaction be?
Where would a pending lawsuit be?
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