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The December 31, Year 4, balance sheet for Benson Corporation is presented here. These are the only accounts on Benson's balance sheet. Amounts Indlcated by
The December 31, Year 4, balance sheet for Benson Corporation is presented here. These are the only accounts on Benson's balance sheet. Amounts Indlcated by question marks (?) can be calculated using the following additional Information. Required a. Compute the balance in trade accounts payable as of December 31 , Year 4. b. Compute the balance in retained earnings as of December 31 , Year 4. c. Compute the balance in the Inventory account as of December 31, Year 4. (Assume that the level of Inventory did not change from last year.) (For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Indicate the effect of each of the following transactions on (1) the current ratlo, (2) working capltal, (3) stockholders" equity, (4) book value per share of common stock, and (5) retained eamings. Assume that the current ratio is greater than 1:1. (Indicate the effect of each transactions by selecting "+" for increase, "-" for decrease, and leave blank for no change.) a. Collected account recelvable. b. Wrote off account recelvable. c. Converted a short-term note payable to a long-term note payable. d. Purchased inventory on account. e. Declared cash dividend. f. Sold merchandise on account at a profit. g. Issued stock dlvidend. h. Paid account payable. 1. Sold building at a loss
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