Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Please help this is my practice test and I have my exam tomorrow. At the end of 2018, Practice Corporation reports the following amounts:

Please Please help this is my practice test and I have my exam tomorrow.

At the end of 2018, Practice Corporation reports the following amounts:

Cash $ 1,200 Service revenue $ 64,700 Equipment 26,000 Supplies expense 4,900 Accounts payable 3,800 Buildings 31,000

Interest expense 2,800 Rent expense 10,000 Delivery expense 2,000 Supplies 2,800 Salaries expense 40,000 Salaries payable 700

In addition, the company had common stock of $34,000 at the beginning of the year and issued an additional $3,400 during the year. The company also had retained earnings of $17,100 at the beginning of the year and paid $3,000 dividend during the year.

Required: Prepare income statement, statement of stockholders' equity and balance sheet and answer the following fill-in the blanks.

Net income

Ending common stock

Ending retained earning

Ending stockholders' equity

Total asset

Total liabilities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Beginners Learn Easy And Fast Accounting Principles

Authors: Dan Wilson

1st Edition

1700199900, 978-1700199904

More Books

Students also viewed these Accounting questions

Question

=+d. Does it offer little phrases? If they work? Like this.

Answered: 1 week ago

Question

=+c. Does it use short, concise sentences?

Answered: 1 week ago