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Please answer this question, previous posted is wrong. Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the
Please answer this question, previous posted is wrong.
Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for each entity in the table below, enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.
| Account | Entity A | Entity B |
| Revenues | $100,000.00 | $200,000.00 |
| Expenses | ||
| Net income | $40,000.00 | |
| Retained earnings, January 1 | $300,000.00 | |
| Dividends declared | $50,000.00 | $70,000.00 |
| Retained earnings, December 31 | $120,000.00 | $310,000.00 |
| Current assets, December 31 | $60,000.00 | |
| Noncurrent assets, December 31 | $420,000.00 | |
| Total assets, December 31 | $500,000.00 | |
| Current liabilities, December 31 | $30,000.00 | |
| Noncurrent liabilities, December 31 | $270,000.00 | |
| Total liabilities, December 31 | $140,000.00 | |
| Paid-in capital, December 31 | $520,000.00 | |
| Total shareholders' equity, December 31 | $200,000.00 |
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