23. Net income = Service revenue - Maintenance expense - Food expense - Salaries expense - Paper supplies used
Putting the values in the above equation, we get,
Net income = $650000 - $33000 - $300000 - $175000 - $4500
Net income = $137500
24. Ending common stock = Beginning common stock + Additional common stock issued
Ending common stock = $500000 + $100000
Ending common stock = $600000.
25. Ending retained earnings = Beginning retained earnings + Net income - Dividends
Ending retained earnings = $225000 + $137500 - $75000
Ending retained earnings = $287500
26. Total assets = Cash + Food trucks + Garage / Office + Paper supplies
Total assets = $30000 + $300000 + $734000 + $500
Total assets = $1064500
27. Total liabilities = Notes payable + Accounts payable + Salaries payable
Total liabilities = $150000 + $12000 + $15000
Total liabilities = $177000
'28.Total stockholder's equity = Ending common stock + Ending retained earnings
Total stockholder's equity = $600000 + $287500
Total stockholder's equity = $887500
I need help with 23-28 Use the following to answer questions 23 - 28 On-the-Go Foods...
I need help with 28-31 Use the following to answer questions 28 - 35 TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 500,000 Cash Accounts receivable Supplies Prepaid expenses | Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense...
Use the following to answer questions 28 - 35 TJ Corporation has provided their trial balance at the end of January. Debits Credits Cash $35.000 Accounts receivable 65,000 Supplies 1,000 Prepaid expenses 6.500 Buildings/Equipment, net 1,158,500 Accounts payable $25,000 Income tax payable 65,000 Utilities payable 1,000 Deferred revenue | 8,000 Notes payable 200,000 Common stock 500,000 Retained Earnings 325,000 Dividends 150,000 Service revenue 852,000 Salaries expense 354,000 Insurance expense 10,000 Advertising expense 125,000 Supplies expense 5,000 Depreciation expense 50,000 Rent...
I need help with 20-26 The following are the year-end account balances for 20XC (prior to closing) of CAC Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense $30,000 25,000 2,000 875,000 75,000 12,000 225,000 300,000 249,500 15,000 652,000 450,000 4,000 7,500 25,000 80,000 20. $ Determine total expenses for the year 21. $. Determine net income for the year...
I need help with 32-35 TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 Cash Accounts receivable Supplies Prepaid expenses Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense Totals 500,000 250,000 95,800 689,000 325,000 12,000 150,000 5,000 35,000 18,000...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
Chapter 1 Homework Submit your answers in CANVAS before it is due When Inputting your answers in CANVAS do not include S signs or commas in your answers. DO NOT include words in your answer unless specifically asked. Use the following information to answer questions 1-10 For each item, determine the type of account (Asset, Liability, Stockholder's Equity, Dividends, Revenue or Expense) and the type of activity Operating Investing or Financing When answering the question, Input ONLY the first letter,...
I need help with 15 - 19 Use the following to answer questions 15 - 19 TM, Inc., had the following account balances at the end of December: Accounts Dividends Supplies Accounts payable Common stock Cash Utilities expense Salaries expense Service revenue Beginning Retained earnings Equipment Balances $150,000 5,000 30,000 400,000 60,000 6,000 345,000 520,000 145,000 15. $ _What were total expenses for the year? 16. Ś Calculate their net income for the year. 17. Ś Calculate their ending balance...
I need help with 30-33 Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BAC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings $50,000 30,000 300,000 600,000 200,000 35,000 250,000 300,000 30. $ Determine the total amount of debits that would be shown on the post-closing trial balance 31. $ Determine retained earnings that would be shown on the...
I need help with 34-39 Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...