Question

Chapter 1 S TO 000 in B abies of $40.000, and retained revenues ST0 000 inexpenses, and 200 Mars Mechanical Repas Shop started a s of 18.000 Dung the year the the company and dividends of $15.000 T 1. The income ported by Mrs Mechanical of 000 core 100 000 L Shop for the year was 2 Mer's balance of stockholders' equity at the start of the year was Mes balance of retained earings at the end of the year was USE THE FOLLOWING INFORMATION FOR QUESTIONS 80-84 long list of account balances of various assets David Bash's Landscaping Company has complied the year of operations revenues and expenses on December 31, 2016. the end of 50.400 Common stock 10.000 Accounts payable 18.000 Salary expense Repairs expense 3.200 Dividends 20.000 Truck 34.000 Equipment 25.200 Notes payable Cash 70.400 Supplies expense Service revenue 87.200 Gasoline expense 32.800 6,400 3.200 4. The net income for David Bash's Landscaping for the year was 5. The total assets for David Bash's Landscaping on December 31, 2016 are: Chapter 2 6. The accounting equation for Sock Monkey Company is as follows: - Assets $480,000 Liabilities $240,000 - + Stockholders' Equity $240.000 If the company now issues stock for $60,000, the accounting equation will change to: Assets Liabilities Stockholders' Equity A) $480,000 = $180,000 + $300,000 B) $540,000 $300,000 - $240.000 C) $480,000 = $300,000 + $180,000 D) $540,000 = $240,000 + $300,000

Answer 1

Chapter 1
1. Net Income = Revenues - Expenses = $100000 - $70000 = $30000

2. Balance of Stockholders Equity at start of year = Total Assets - Total Liabilities
= $60000 - $40000 = $20000

3. Balance of Retained Earnings at end of year = Beginning Balance + Net Income - Dividend
= $18000 + $30000 - $15000 = $33000

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