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The following table shows the transactions experienced by J G Gutter Works (JGGW), during Year 7. Assume all transactions shown in the accounting equation are
The following table shows the transactions experienced by J G Gutter Works (JGGW), during Year 7. Assume all transactions shown in the accounting equation are cash transactions. Required a. Calculate the missing amounts in the following table. b. Is there sufficient cash available to repay the debt on January 1, Year 8? c. Based on the information in Required a, what is the maximum cash dividend JGGW could pay on January 1, Year 8? Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the missing amounts in the following table. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities Stockholders' Equity Accounts Transactions Titles for Cash Land Notes Common Retained Retained Payable Stock Earnings Earnings Beginning Balance + 90,000 = + + 25,000 1. + + 68,000- 2. 11 + + + Revenue 3. (57,000) + 11 + + 57,000) Expenses 4. (14,000) + + 11 + Dividend 5. 50,000) + + + 11 1I 6. (10,000) + (10,000) + + Totals 77,000 + I1 40,000 + 23,000 + Is there sufficient cash available to repay the debt on January 1, Year 8?
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