Homework Answers
| 1) | ||||||||||
| Stockholders Equity ( opening Balance) | $ 34,000 | |||||||||
| Add: | ||||||||||
| Net Income | $ 26,000 | |||||||||
| $ 60,000 | ||||||||||
| Less: | ||||||||||
| Stockholders equity ( closing balance) | $ 55,000 | |||||||||
| Dividend Paid | $ 5,000 | |||||||||
| Correct Option: C | ||||||||||
| 2) | Cash Receipt | |||||||||
| Common stock | $ 9,000 | |||||||||
| Received From Customer | $ 7,800 | |||||||||
| Total | $ 16,800 | |||||||||
| Payment | ||||||||||
| rent | $ 700 | |||||||||
| Equipment | $ 3,000 | |||||||||
| Office Supplies | $ 720 | |||||||||
| Total | $ 4,420 | |||||||||
| Balance = $16800-4420 | $ 12,380 | |||||||||
| Correct Option: B | ||||||||||
| Note: As HOMEWORKLIB's policy, in case of multiple questions, experts are bond to solve the first question only. | ||||||||||
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accounts as of the beginning of the year and enter the January 1
balances.
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transactions and post to T-accounts above in part a. Do not prepare
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and
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common stockholders’ equity. (Note: Use the common shares
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