Grades Wiley Accounting Weekly Updates Question 6 View Policies Show Attempt History Current Attempt in Progress...

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The following information is available for Ivanhoe Company Accounts recevable $6,320 US Support Accounts payable $3,000 4,000

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Answer 1

Answer #1

Computation of Missing Figure

Ending Retained Earning	$33,000.00
Add: Dividend	$4,050.00
Less: beginign Retained Earning	-$18,000.00
Net Income	$19,050.00

Computation of Cost of Goods Sold
Revenue	$84,700.00
Less: Net Income	$19,050.00
Less: Salaries & Wages Expene	$10,400.00
Cost of Goods Sold	$55,250.00

Computaton of Common Stock
Total Liabilities & Stockholder Equity	$68,000.00
Less: Ending Retained Earning	$33,000.00
Less: Account Payable	$5,400.00
Common Stock	$29,600.00

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