Question

Use the following to answer questions 20-26 lowing are the year-end account balances for 20xC (prior to closing) of BA Corporation: $15,000 20,000 A=LASE 200 RECS 1,000,000 200,000 10,000 250,000 400,000 RE+I-D Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous expense 56,200 Beginning 60,000 456,000 - 195,000 - 1.000 - 6,000 - 25,000 - 50,000 - 20. 5271000 Determine total expenses for the year 21. $170000_Determine net income for the year 22 $ 175200 Determine ending retained earnings for the year 23. $515200 Determine ending total stockholders' equity for the year 24. Determine total Current Assets at the end of the year 25. $135 200 Determine Total Assets at the end of the year 26. Should Common stock be closed at year end? ND Chapter 3 Page

Answer 1

rate positively ..

Ans 20	Total expenses
	Salaries expenses	195,000
	Supplies expenses	1,000
	rent expenses	6,000
	Depreciation expenses	25,000
	misce expense	50,000
	Total expenses	277,000
Ans 21	net income
	Total revenue	456,000
	Less : Expenses	(277,000)
	Net income	179,000
Ans 22	Retained earning
	Beginning balance	56,200
	Net income	179,000
	Less: Dividend	(60,000)
	Ending balance	175,200
Ans 23	Ending equity balance
	Beginning	400,000
	Retained earning	175,200
	Equity balance	575,200
Ans 24	Total current asset
	Cash	15,000
	Account receivable	20,000
	supplies	200
	Current asset	35,200
Ans 25	Total asset
	Current asset	35,200
	equipment	1,000,000
	Total asset	1,035,200
Ans 26	No