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Please help on the solution to this problem. The profesor said there something wrong and i cant find it. Objective: This activity has the purpose
Please help on the solution to this problem. The profesor said there something wrong and i cant find it. Objective: This activity has the purpose of helping students to describe the content and purpose of each of the financial statements. Marsh Corporation began operation on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Account payable: $5,000 Notes payable: $7,000 Account receivable 2,000 Rent Expense: 10,000 Retained earnings: ? I Advertising expense: 4,000 Cash: 3,100 Service revenue: 25,000 Common stock: 15,000 Supplies: 1,900 Supplies expense: 1,700 Dividens: 2,500 Equipment: 26,800 Answer: Font Peaming Heading 2 Title Paragraph 21 3 Styles 5 Answer: Income Statement Service Revenue = 25,000 Less-Rent Expensive = (10,000) Less-Advertising Expense= 4,000 Less Supplies Expense= 1,700 Profit= 9,300 Less Dividend Paid=2500 Profit Transferred to Retained Earnings= 6800 Retained Earnings are the undistributed profit of the company for a financial year that is re-invested in the company Balance Sheet Assets = Accounts recievable + Cash + Supplies + Equipment = 2000 + 3100 + 1900 + 26800 H (UNITED STATES) Font Paragraph Styles 3 4 5 Retained Earnings are the undistributed profit of the company for a financial year that is re invested in the company Balance Sheet Assets = Accounts recievable + Cash + Supplies + Equipment = 2000 + 3100 + 1900 + 26800 = 33,800 Assets = Liabilities Liabilities= Account Payable + Notes Payable + Common Stock + Retained Earnings 33800 = 5000 + 7000 + 15000 + Retained Earnings Retained Earnings = 6800 ENGLISH (UNITED STATES NE TE
Please help on the solution to this problem. The profesor said there something wrong and i cant find it.
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