Homework Answers
Answer
15. Total expense = $351,000
16. Net income is $169,000.
17. Ending Retained earnings is $164,000.
18. Closing Stockholders equity is $564,000
19. Equipment = $529,000
Explanation
15. Total expenses are computed using the equation given below:
Total expenses = Utilities expense + Salaries expense
= $6,000 + $345,000
= $351,000
16. Net income is computed using the equation given below:
Net income = Service revenue - Total expenses
= $520,000 - $351,000
= $169,000
17. Closing Retained earnings (RE) is computed using the equation given below:
Closing RE = Opening retained earnings + Net income - Dividend
= $145,000 + $169,000 - $150,000
= $164,000
18. Closing Stockholders equity (SE) is computed using the equation given below:
Closing SE = Common stock + Closing Retained earnings
= $400,000 + $164,000
= $564,000
19. Equipment balance is computed using the equation given below:
Equipment = Accounts payable + Closing equity - Supplies - Cash
= $30,000 + $564,000 - $5,000 - $60,000
= $529,000
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