Question

Chapter 1 h Mechanical Repar Shop started the ings of $18,000 ar total assets of $60.000 total abilities of $40,000, and retained corded $100.000 in auto repair revenues, $70,000 in expenses, and 1. The net income repe addi n g the year the business recorded $100.0 aid dividends of $15 000 me reported by Mrs Machanical Repair Shop for 2. Mer's balance of stockhom Repair Shop for the year was of stockholders' cauity at the start of the year was * Mel's balance of retained earnings at the wgs at the end of the year was David Bash's Landscaping Company has com revenues and expenses on December USE THE FOLLOWING INFOR E FOLLOWING INFORMATION FOR QUESTIONS 80-84. ber 31, 2018 led the following list of account balances of various assets, liabetes, 11. 2016, the end of its first year of operations Common stock Accounts payable Salary expense Repairs expense Dividends Truck Equipment Notes payable Cash Supplies expense Service revenue Gasoline expense 50,400 10,000 18,000 3,200 20,000 34,000 25,200 32,800 70.400 6,400 87,200 3.200 4. The net income for David Bash's Landscaping for the year was 5. The total assets for David Bash's Landscaping on December 31, 2016 are: 5. The accounting equation for Sock Monkey Company is as follows: Chapter 2 Assets $480.000 = Liabilities - $240,000 + Stockholders Equity $240.000 If the company now issues stock for $60,000, the accounting equation will change to: Assets A) $480,000 - $540,000 $480,000 $540,000 = = = = Liabilities $180,000 $300,000 $300,000 $240,000 + + + + Stockholders' Equity $300,000 $240,000 $180,000 $300,000

Answer 1

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Mel
Answer 1
Income Statement	Amount $
Revenues
Auto Repair Revenues	100,000.00
Total Revenue	100,000.00
Less: Expenses	70,000.00
Net Income	30,000.00
Answer 2
Stockholder's Equity- Opening
Total Assets	60,000.00
Less: Total Liabilities	40,000.00
Stockholder's Equity- Opening	20,000.00
Answer 3
Statement of Retained Earnings
Opening Balance	18,000.00
Add: Net Income	30,000.00
Less: Dividends	15,000.00
Closing balance	33,000.00
David Bash
Answer 4
Income Statement	Amount $
Revenues
Service Revenue	87,200.00
Total Revenue	87,200.00
Less: Expenses
Supplies Expense	6,400.00
Salary Expense	18,000.00
Repairs Expense	3,200.00
Gasoline Expense	3,200.00
Total Expenses	30,800.00
Net Income	56,400.00
Answer 5
Balance Sheet
Current Assets	Amount $
Truck	34,000.00
Equipment	25,200.00
Cash	70,400.00
Total Assets	129,600.00
Sock Monkey
Answer 6
Answer is option d.
$540,000= $240,000 + $300,000.
Bear Enterprise
Answer 7
Answer is option c.
$240,000= $120,000 + $120,000.