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Please solve for yellow highlighted ? and show work Problem V: The following are condensed financial statements for Talley Inc. for the month of August.
Please solve for yellow highlighted ? and show work
Problem V: The following are condensed financial statements for Talley Inc. for the month of August. Solve for all spots marked with a "?". You may either write or type your answers over the question marks or enter them in the chart on the next page. $ 200,000 Talley Inc. Income Statement For the month ended August 31, 20X1 Service revenue Expenses: Salaries expense $ 60,000 Rent expense Insurance expense 7,000 Utilities expense 2,000 Miscellaneous expense 1,000 Total expenses Net Income Talley Inc. Statement of Stockholders' Equity For the month ended August 31, 20X1 Common Stock $ 15,000 6,000 Retained Earnings $ 23,000 Beginning balances - Aug 1 Add: New stock issuances Add: Net income Less: Dividends Ending balances - Aug 31 Total Stockholders' Equity $ 38,000 6,000 110,000 $ 124.000 110,000 $ $ 21.000 Talley Inc. Balance Sheet at August 31, 20X1 Assets: Cash Supplies Equipment Land $ ? 4,000 90,000 40,000 Liabilities: Accounts Payable Salaries Payable Notes Payable 1,000 30,000 Total Liabilities Owners' Equity Common Stock Retained Earnings Total Stockholders' Equity $21,000 124.000 Total Assets Total Liabilities & Stockholders' Equity $164.000 What should be the amount for: Income statement: Rent expense Total expenses Net income Statement of Stockholders' Equity Dividends Ending retained earnings (Aug 31) Balance Sheet Cash Total assets Accounts payable Total liabilities Retained earningsStep by Step Solution
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