Homework Answers
- Assets = Equity + Liabilities
- Year 3, Jan 1: Liabilities = Assets - Equity = $340,000 -$148,000 = $192,000
- Changes during the year:
- Assets = $340,000 + $19,000 = $359,000
- Assets as on December 31, Year 3 = $359,000
- Liabilities = $192,000 - $18,000 = $174,000
- Liabilities as on December 31, Year 3 = $174,000
- Assets = $340,000 + $19,000 = $359,000
- Year 3, December 31: Stockholders' Equity = Assets - Liabilities = $359,000 - $174,000 = $185,000
__________________________________________________________________________
Balance of the cash account = $4,700
Balance of the retained earnings = $20,200
- Step 1: Cash = Total assets - remaining assets = $37,500 - ($8,000+$1,300+$23,500) = $4,700
- Step 2: Total liabilities and equity = Total assets = $37,500
- Step 3: Accounts payable + Common stock +
Retained earnings = Total liabilities and equity
- $7,300 + $10,000 + Retained earnings = $37,500
- Retained earnings = $37,500 - ($7,300 + $10,000) = $20,200
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