Items from the income statement, statement of retained earnings, and balance sheet are listed below in...
Items from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order. For the companies shown in each column, solve for the missing amounts.
Homework Answers
| Weil Inc. | Simon Inc. | Kealy Inc. | |
| Common Stock | $21 | $30 | $29 |
| Dividends | 0 | 0 | 3 |
| Net Income | 26 | 21 | 23 |
| Retained Earnings, Beginning of Year | 31 | 32 | 38 |
| Retained Earnings, End of Year | 57 | 53 | 58 |
| Total Assets | 117 | 107 | 112 |
| Total Expenses | 63 | 32 | 45 |
| Total Liabilities | 39 | 24 | 25 |
| Total Revenues | 89 | 53 | 68 |
Calculation of Net Income
Net income= Total revenues-Total expenses
Weil Inc.= $89-63= $26
Simon Inc.= $53-32= $21
Kealy Inc.= $68-45= $23
Calculation of Retained Earnings, End of Year
Retained Earnings, End of Year= Retained Earnings, Beginning of Year+Net income-Dividends
Weil Inc.= $31+26-0= $57
Simon Inc.= $32+21-0= $53
Kealy Inc.= $38+23-3= $58
Calculation of Total assets
Total assets= Common stock+Retained earnings, End of Year+Total liabilities
Weil Inc.= $21+57+39= $117
Simon Inc.= $30+53+24= $107
Kealy Inc.= $29+58+25= $112
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