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use the sheet to solve the following. For Questions 41-50, review the below information, prepare an Income Statement, Statement of Retained Earnings, and a Balance
use the sheet to solve the following. For Questions 41-50, review the below information, prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet, and answer questions posed. On March 1, 2019, Bern Madeoff organized You Can Trust Me Tax Financial Solutions, Inc., a new firm. On March 31, 2019, the company's records showed the following items and amounts: Cash $ 10,000 $ 4,360 Accounts Receivable 6,000 15,000 1,000 4,250 2,550 Cash Dividends Consulting Fees Earned Courier Expense Rent Expense Salaries Expense Telephone Expense Advertising Expense Retained Earnings, March 1 50,000 Office Supplies Land Office Equipment Accounts Payable Common Stock 5,000 14,000 660 3,500 680 80,000 NOTES: 1. Beginning balance, March 1, 2019, Common Stock was $0. 2. Bern owns 70% of the stock in You Can Trust Me Tax Financial Solutions, Inc. 3. Bern stated that his personally owned car should be part of the business. The car has a Fair Market Value of $25,000 4. Bern owes $8,000 to the IRS for his personal taxes from last year. He is on an installment agreement and is paying $450 a month to extinguish this liability Question: How much in expenses are reported on the Income Statement? $5110 $9890 $6,000 How much in Dividends are paid to shareholders? $3052 $4360 O $5110 Question 43 What is the Change in Retained Earnings? O $5110 $750 O $4360 Question 44 What are Retained Earnings on March 31, 2019? $5110 $650 O $750 What are Total Assets shown on the Balance Sheet? $70,000 $84,250 O $80,000 Question 46 How much in expenses are shown on the Balance Sheet? O $3,500 $0 $14,000 Question 47 How much in Dividends will Bern receive at the end of March? $3055 $3052 $4360 How much in Total Stockholder's Equity is shown on the Balance Sheet? O $165,550 O $80,750 O $84,250 Question 49 Since Accounts Receivable are an Asset, can the corporation sell this asset? O Yes O No Question 50 What is the amount of Total Liabilities and Stockholder's Equity shown on the Balance Sheet? O $80,750 $84,250 O $90,230
use the sheet to solve the following.
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