Homework Answers
Answer 1.
Accounting Equation:
Total Stockholders’ Equity = Total Assets - Total Liabilities
Beginning, January 1, 2018:
Stockholders’ Equity = Total Assets - Total Liabilities
Stockholders’ Equity = $52,000 - $41,000
Stockholders’ Equity = $11,000
Ending, December 31, 2018:
Stockholders’ Equity = Total Assets - Total Liabilities
Stockholders’ Equity = $83,000 - $49,000
Stockholders’ Equity = $34,000
Retained Earnings = Stockholders’ Equity - Common Stock
Retained Earnings = $34,000 - $10,000
Retained Earnings = $24,000
Answer 2.
Ending Retained Earnings = Beginning Retained Earnings +
Revenues - Expenses - Dividends
$24,000 = $1,000 + $290,000 - Expenses - $16,000
Expenses = $251,000
Net Income = Revenues - Expenses
Net Income = $290,000 - $251,000
Net Income = $39,000
Potvin earned a net income of $39,000 during the year.
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