Homework Answers
In the books of COWBOY LAW FIRM:
| COWBOY LAW FIRM | ||
| Income Statement | ||
| For the Period Ended December 31 | ||
| Revenues: | ||
| Service revenue | $9,300 | |
| Expenses: | ||
| Salaries expense | $2,200 | |
| Utilities expense | $1,200 | |
| Total Expenses | $3,400 | |
| Net income | $5,900 | |
In the books of BULLDOG, INC.
| BULLDONG, INC. | |
| Income Statement | |
| Revenues | $39,000 |
| Expenses: | |
| Salaries | $23,000 |
| Advertising | $6,000 |
| Utilities | $4,000 |
| Net income | $6,000 |
Explanations:
Net income taken from 'Statement of stockholders' equity
Salaries expense = Revenues - Net income - Advertising - Utilities = 39,000-6,000-23,000-6,000 = $23,000
| BULLDOG, INC. | |||
| Statement of Stockholders' Equity | |||
|
Common Stock |
Retained Earnings |
Total Stockholders' Equity |
|
| Beginning balance | $10,000 | $7,000 | $17,000 |
| Issuance | $1,100 | $1,100 | |
| Add: net income | $6,000 | $6,000 | |
| Less: Dividends | ($3,000) | ($3,000) | |
| Ending balance | $11,100 | $10,000 | $21,100 |
Explanation:
Net income = Retained earnings, ending balance - Retained earnings, beginning balance + Dividends
= 10,000-7,000+3,000
= $6,000
| BULLDOG, INC. | |||
| Balance Sheet | |||
| Assets | Liabilities | ||
| Cash | $4,000 | Accounts payable | $4,900 |
| Accounts receivable | $3,000 | Stockholders' Equity | |
| Supplies | $9,000 | Common stock | $11,100 |
| Equipment | $10,000 | Retained earnings | $10,000 |
| Total assets | $26,000 | Total liabilities and stockholders' equity | $26,000 |
Explanations:
Common stock and retained earnings taken from 'Statement of stockholders' equity'.
Total assets = Total liabilities and stockholders' equity,
Hence, Total liabilities and stockholders' equity is $26,000
Accounts payable = Total liabilities and stockholders' equity - Common stock - Retained earnings
= 26,000-11,100-10,000
=4,900
Add Answer to:
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances...
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calculate the missing amounts
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calculate the missing amounts
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