Question

Q3)B AND C>>>...ASAP

Assocat 720,000 Liabilitas = 480,000 240,ooo 3. Carla's Computer Repair Shop started the year with total assets of $720,000 and total Tiabilities of $480.000. During the year, the business recorded $1.200,000 in computer repair revenues. $680,000 in expenses, and the company paid dividends of $120,000 (Show your work) a) Equity at the end of the year was 1200,000 -(680,000+ 120,000 (40o,ooo) b) The net income reported by Carla's Computer Repair Shop for the year was Revenue - expenses 1,200,000 -68,000 + 520,000 c) Total equity changed by what amount from the beginning of the year to the end of the year? of increase use to (400,000) = 160,000 increasing. Problem 1 (4 Points) Use the following information from XYZ Company to calculate total liabilities on Dec 31, 2018 (Show your work) Assets = 171,900 Total Assets $171,900 on Dec 31, 2018 Share Capital $10,000 on Dec 31, 2018 Revenues $ 16,400 in 2018 Expenses $12,300 in 2018 Dividends $1500 declared and paid in 2018 Retained earnings $9.350 on Jan 1, 2018 equity - (10,000 thenya +9,350 +16,400) - ( 12, 300 + 1500 Equity = 21,950 171,900= L + 21,950 (L=149, 950

Answer 1

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Part a
Equity at the start of the year		$       240,000
$720,000-$480,000
Add: Net Income ($1,200,000-$680,000)	$     520,000
Less: Dividend	$   (120,000)
Net Changes in equity		$       400,000
Equity at the end of the year		$       640,000
Part b
Revenue		$   1,200,000
less; Expense		$     (680,000)
Net Income		$       520,000
Part c
Net Income ($1,200,000-$680,000)	$     520,000
Dividend	$   (120,000)
Net Increase in equity	$     400,000