Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information has been extracted from the financial statements of a company. Use it to answer the 7 questions that follow it. When answering

The following information has been extracted from the financial statements of a company. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Total Current Assets in 2016 = $20,000 Net Fixed Assets in 2016 = $150,000 Total Current Liabilities in 2016 = $10,000 Net Income in 2016 = $10,000 Common dividends in 2016 = $2,000 Retained earnings in Balance Sheet 2015 = $20,000 Common Stock in 2015 = $70,000 There is no other items in the stock owners section in the balance sheets of 2015 and 2016. There is no issuance of equity in 2016.

1. What is the amount for Total Assets in 2016?

2. What is amount for Total Liabilities + Equity for 2016?

3. What is the addition to retained earnings in 2016?

4. What is the amount for Retained Earnings in the Balance Sheet in 2016?

5. What is the amount for Common Stock in the Balance Sheet in 2016?

6. What is the amount for Total Common Equity in the Balance Sheet for 2016?

7. What is the amount for Long-Term Liabilities (Long-term debt + Other long-term liabilities) in the Balance Sheet in 2016?

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

Step: 3

blur-text-image

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

Contemporary Financial Management

Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao

14th edition

1337090581, 978-1337090582

More Books

Students also viewed these Finance questions