Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on...
Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on December 31, 2016
Accounts Receivable $25,000
Net property, plant and $600,000
equipment
Cash and cash equivalent $300,000
Accounts payable $35,000
Bonds Payable (3 years) $700,000
Prepaid Insurance $30,000
Unearned gift card revenue $5,000
Accrued expenses payable $10,000
Merchandise Inventory $150,000
Contributed capital $250,000
Retained earnings ?????
- Identify the items listed above that are assets. What is the amount of Nature’s total assets at the end of 2016?
- Identify the items listed above that are liabilities. What is the amount of Nature’s total liabilities at the end of 2016?
- What is the amount of Nature’s retained earnings at the end of 2016?
- If the beginning balance of Nature’s retained earnings account was $10,000 and Nature’s declared $7,500 dividends during year 2016, how much net income did Nature’s earn during year 2016?
Homework Answers
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Nature’s Shop, Inc. reported the following account balances (in
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Please complete and or correct
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Please complete and or correct
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