QUESTION 1:

On January 1, 20A, two individuals invested $500,000 each to form Zoom Corporation. Zoom had total revenues of $90,000 during 20A and $300,000 during 20B. Total expenses for the same periods were $35,000 and $80,000 respectively. Cash dividends paid out to stockholders totaled $10,000 in 20A and $20,000 in 20B. What was Zoom's total stockholders' equity at the end of 20A and 20B?

A. At the end of 20A____________

B. At the end of 20B____________

QUESTION 2:

a. What was the amount of net income on the income statement?

_________________

b. What is the amount of total assets to be reported on the balance sheet at the end of the year?

_____________________

c. What is the amount of total stockholders equity that would be reported on the Balance Sheet at the end of the year?

____________

QUESTION 3:

1. What is the amount of net income for the year 2014?

_________________

2. What is the amount of total assets at the end of 2014?

_________________

3. What is the amount of total liabilities at the end of 2014?

________________

4. What is the amount of retained earnings on the Balance Sheet at the end of 2014?

__________________

$ Cash Accounts receivable Supplies Accounts payable Notes payable Retained earnings, beginning of period Contributed capital Service revenue Wages expense Advertising expense Rent expense 140,000 56,000 8,000 20,000 10,000 34,000 80,000 106,000 16,000 10,000 20,000 Accounts payable Accounts receivable Selling and administrative expenses Cash Contributed capital (as of December 31,2013) Dividends Income tax expense Interest expense Other expenses Notes payable Other assets Other liabilities Other operating expenses Other revenue Property and equipment Retained earnings as of December 31, 2013 Salaries expense Supplies Service revenue 4,150 1,600 5,000 4,400 4,000 3,800 800 150 1,000 10,000 5,000 6,000 4,000 600 22,000 9,600 6,000 600 20,000