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please answer these questions if you don't know how to do it don't take it 1Determining Net Income The beginning and ending balances of retained

please answer these questions

if you don't know how to do it don't take it

image text in transcribed 1Determining Net Income The beginning and ending balances of retained earnings for the year were $30,000 and $38,000 respectively. If dividend payments during the year were $3,000, determine the net income or net loss for the year. $8,000 net loss $14,000 net income $5,000 net income $11,000 net income 2Omitted Financial Statement Data For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B C D Assets $28,000 $12,000 $28,000 $ (d) Liabilities 16,800 500 19,900 8,900 Assets 30,000 26,000 34,000 40,000 Liabilities 17,300 (b) 15,000 19,000 Sales Revenue (a) 23,500 28,000 24,000 Expenses 8,500 21,000 11,000 17,000 Dividends 3,000 1,500 (c) 3,000 Beginning Ending During Year (a)$ (b)$ (c)$ (d)$ 3The Accounting Equation Determine the missing amount in each of the following cases: Assets Liabilities Stockholders' Equity $ a. $175,000 $62,000 $ b . $47,000 $31,000 $ c. $115,000 $49,000 4Transaction Analysis On December 1, Peter Allen started Career Services Inc., providing career and vocational counseling services. The following transactions took place during the month of December: De c 1 Allen invested $7,000 in the business, receiving common shares. 2 Paid rent for December on furnished office space, $1,750. 3 Received invoice for December advertising, $500. 4 Borrowed $16,000 from a bank and signed a note payable for that amount. 5 Received $1,200 for counseling services rendered for cash. 6 Billed certain governmental agencies and other clients for counseling services, $6,800. 7 Paid secretary's salary, $2,200. 8 Paid December utilities, $910. 9 Paid stockholders a dividend of $900 cash. 10 Purchased land for cash to use as a site for a new facility, $13,000. 11 Paid $900 to the bank as December interest on a note payable. Required (a) Set up an accounting equation in columnar form with the following column headings: Cash, Accounts Receivable, Land, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings. (b) Show how the December transactions affect the items in the accounting equation, and total all columns to show that assets equal liabilities plus stockholders' equity as of December 31. Cash + Accounts Receivable + Land = Accounts Payable Notes Payable + + Common Stock + Retained Earnings 1 2 3 4 5 6 7 8 9 1 0 11 $ $ $ $ $ $ $ $ $

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