Homework Answers
Requirement A.
Total cash ( assumed only asset)= 166000
Notes payable=86,600(Liability)
common stock= 53400
As per Accounting equation: Total assets = liabilities+common stock + retained earnings
=> 166000 = 86600 + 53400 + Retained earnings
=> Retained earnings= $ 26000
Requirement B & C.
Accounting Equation: Assets = Liabilities + common stock +(Income -(Expense+Dividends)+ Retained earnings
Assests: Cash for the Year 1 + Net Income= 166000+ ( 46000(Cash revenue)-{25000(Expenses)+4000(Dividend)
=166000+ 17000
=183000
As per Equation: Assets = Liabilities + common stock +(Income -(Expense+Dividends)+ Retained earnings
183000= 86600 + 53400+ 17000 +26000
183000=183000
Requirement D:
Shareholders equity= Common stock + retained earnings
Retained earnings= 26000(Year1) + 17000(Year 2)=43000
=> Shareholders Equity = 53400(Common stock as given) + 43000
=> Shareholders Equity =96400
Accounting equation for the year 2
Assets= liabilities + Shareholders equity
183000(As per B &C) = 86600(Liabilities)+96400
=> 183000=183000
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