Homework Answers
a.
Total assets = Cash + Supplies + Equipment
97,400 = 28,600+Supplies+ 62,100
Supplies = $6,700
b.
Total assets = Total Liabilities and stockholders equity
= $97,400
c.
Retained earnings, ending = $36,400
d.
Total Liabilities and stockholders equity = Note payable + Common stock + Retained earnings
= 22,000+39,000+36,400
= $97,400
e.
Net income = Revenue - Depreciation expense - Salaries expense - Interest expense
26,400 = 61,500-Depreciation expense- 11,500-1,800
Depreciation expense = $21,800
f.
Ending retained earnings = Beginning retained earnings + Net income - Dividends
36,400 = Beginning retained earnings + 26,400 - 5,000
Beginning retained earnings = $15,000
g.
Net income = $26,400
| a. Supplies | $6,700 |
| b. Total assets | $97,400 |
| c. Retained earnings, ending | $36,400 |
| d. Total Liabilities and stockholders equity | $97,400 |
| e. Depreciation expense | $21,800 |
| f. Beginning retained earnings | $15,000 |
| g. Net Income | $26,400 |
Kindly comment if you need further assistance. Thanks
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