Homework Answers
3-a:
| Total Assets | $51,500 |
| Total retained earnings | $3,500 |
Calculations:
i. Retained Earnings:
| Service revenue from event 3 | $17,500 |
| Less: Salaries expenses from Event 5 | ($8,000) |
| Net income | $9,500 |
| Retained Earning: | |
| Net income | $9,500 |
| Less: Dividends from event 6 | ($6,000) |
| Total retained earnings | $3,500 |
ii. Total assets:
| Assets | ||
| Cash: | ||
| Issuance common stock | $53,000 | |
| Rent paid in advance | ($9,000) | |
| Paid employee salaries | ($8,000) | |
| Paid dividends | ($6,000) | $30,000 |
| Accounts receivable: | ||
| Services performed on account | $17,500 | |
| Supplies: | ||
| Purchased supplies on account | $4,000 | |
| Total Assets | $51,500 | |
Add Answer to:
Answer 3-a
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Allowance for uncollectible accounts
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Finished goods inventory
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Prepaid expenses
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transaction analysis worksheets, please record the following
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Please record the transactions below:
a. Purchased merchandise inventories, on account, terms 3/15, n/45,
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and revise the following balance sheet prepared by a staff
accountant.
Henderson Manufacturing Company
Balance Sheet
At December 31, 2018
($ in 000s)
Assets
Current assets:
Cash
$
1,950
Accounts receivable
4,450
Allowance for uncollectible accounts
(700
)
Finished goods inventory
6,300
Prepaid expenses
4,100
Total current assets
16,100
Long-term assets:
Investments
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Raw materials and work in process inventory
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Equipment
23,000
Accumulated depreciation–equipment
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)
Franchise
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