Homework Answers
Answer-1-Ending retained earnings= Beginning retained earnings+Net Income -Dividends
$6,240=$3,520+Net income-$850
Net income=$6,240-$3,520+$850
Net income=$3,570
Net income=Total revenue-Total Expenses
$3,570=$11,300-Total Expenses
Total Expenses=$11,300-$3,570
Total expenses=$7,730
Hence,the amount of expenses on Grunewald's income statement is $7,730
2-Assets = Liabilities + Common Stock + Ending Retained Earnings
$22,325=Liabilities +$5,000+$6,240
Liabilities= $22,325-$5,000-$6,240
Liabilities=$11,085
The amount of liabilities reported on the end-of-period balance
sheet was
$11,085
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