Question

WE Chapter Home Submit your answers in CANVAS before When inputting your answers in CANVAS do not include $ signs or commas in your answers. DO NOT include words in your answer unless specifically asked. For each item, determine the type of account Anet t , Stockhorst , Dividends, Revenue or Expense) and the type of activity Operating investing or Financingl. When answering the question, Input ONLY the first letter, for examples of the answer was Liability input as the Type of Activity ALS.DRot OL Borrowed from the bank Provided services to a customer R Used cleanings supplies to clean store issued stock to owners 1. 2. SE A Purchased land Use the following to answer questions 11-14 TR Corp reports the following amounts at the end of the year: 250,000 Common stock Expenses Assets Revenues Dividends Liabilities e A = L + SE $200,000 395.000 - 250,000 = CS RE 300,000 + 900,000 = 425,000+ SE 475000 = 300.000 +RE 175000+ 14500D - 100,000 395,000 100,000 425.000 11. $14500 calculate net income. 12. $ 47500 Calculate stockholders' equity at the end of the period. 13. $220000 Calculate ending retained earnings: 14. $ 17500D_Calculate beginning retained earnings: Chapter 1 Page 1-1

Answer 1

	Q 1-10	Classification of all accounts as asset, liability etc. and operating, financing and investing are correct.
	Q-11	Net income = Revenue - expenses
			= 395,000-250,000
			145000
	Q-12	Stockholders' equity at end =			Assets - liabilities
				=900,000 - 425,000
				475000
	Q-13	Ending retained earnings =			Stockholder equity - Common stock
				=475000-300000
				175000
	Q-14	Beginning retained earnings =			Closing retained earnings + dividend paid during the year - Net income
				=175,000+100000-145,000
				130000