Question

The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $33,000; Liabilities = ?; Common Stock = $6,300; Revenue = $13,600; Dividends = $1,400; Beginning Retained Earnings = $4,400; Ending Retained Earnings = $8,300.

Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year?

What was the amount of total liabilities reported on the balance sheet as of the end of the current year?

Answer 1

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1	Amount of expenses reported	=	$         8,300
2	Total Liabilities reported	=	$       18,400
	Workings:
	Ending Retained earnings	=	$         8,300
Add:	Dividend paid	=	$         1,400
Less:	Beginning retained earnings	=	$        -4,400
	Income	=	$         5,300
	Revenue	=	$       13,600
Less:	Income	=	$        -5,300
	Expenses	=	$         8,300
	Assets	=	$       33,000
Less:	Common stock	=	$        -6,300
Less:	Retained earnings	=	$        -8,300
	Liabilities	=	$       18,400