Question
Riley incorporated reports the following amounts at the end of the year: Cash 3200, Building 60,000, account payable 8500, interest expense 4000, Adverting expense 11,300,
Riley incorporated reports the following amounts at the end of the year:
Cash 3200, Building 60,000, account payable 8500, interest expense 4000, Adverting expense 11,300, Service revenue 92,500, Salaries expense 72,800, Equipment 72,000, Supplies 6,400, Notes payable 40,000.
IN addition the company had common stock of $65,000 at the beginning of the year and issued an additional $5,000 during the year the company also had retained earnings of $20,700 at the beginning of the year and paid dividends of $2,000 during the year. Prepare the income statement of stockholder's equity and balance sheet:
Net income _______________________
Ending balance of common stock __________________
Ending balance of retained earning__________________
Ending total stockholder's equity__________________
Total assets__________
Total current assets____________
Total liabilities___________________
Total liabilities and shareholders equity ________________
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