Homework Answers
Net income = Ending retained earnings + Dividends - Beginning retained earnings
= 33,000+4,050-18,000
= $19,050
Net income = Revenue - Cost of goods sold - Salaries and wages expense
19,050 = 84,700 - Cost of goods sold - 10,430
Cost of goods sold = $55,220
Total liabilities and stockholders equity = Accounts payable + Common stock + Retained earnings
68,000 = 5,400 + Common stock + 33,000
Common stock = $29,600
| a. Common stock | $29,600 |
| b. Retained earnings | $33,000 |
| c. Cost of goods sold | $55,220 |
| d. Net Income | $19,050 |
| e. Net Income | $19,050 |
Kindly comment if you need further assistance. Thanks‼!
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