Homework Answers
| Income Statement | |
| Service revenue | 689,000 |
| Expenses: | |
| Salaries expense | -325,000 |
| Insurance expense | -12,000 |
| Advertisement expense | -150,000 |
| Supplies expense | -5,000 |
| Depreciation expense | -35,000 |
| Rent expense | -18,000 |
| Utilities expense | -14,200 |
| Net Income | $129,800 |
Ending retained earnings = Beginning retained earnings + Net income - Dividends
= 250,000+129,800-95,800
= $284,000
32.
Total stockholders equity = Common stock + Ending retained earnings
= 500,000+284,000
= $784,000
33.
Total liabilities = Accounts payable + Income tax payable + Utilities payable + Deferred revenue + Notes payable
= 12,000+35,000+4,500+19,000+250,000
= $320,500
34.
Total assets = Cash + Accounts receivable + Supplies + Prepaid expense + Building/ Equipment
= 50,000+65,000+1,000+3,500+985,000
= $1,104,500
35.
Beginning common stock = $350,000
Ending common stock = $500,000
Common stock issued during year = Ending common stock - Beginning common stock
= 500,000-350,000
= $150,000
$150,000 stock was issued during January.
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