December 31, 2016 December 31, 2015 Accounts Payable $6,000 $9,000 Cash 27,000 19,000 Accounts Receivable 42,000...
|
December 31, 2016 |
December 31, 2015 |
|
|---|---|---|
| Accounts Payable | $6,000 | $9,000 |
| Cash | 27,000 | 19,000 |
| Accounts Receivable | 42,000 | 33,000 |
| Land | 40,000 | 40,000 |
| Building, net | 250,000 | 260,000 |
| Equipment, net | 43,000 | 45,000 |
| Mortgage Payable | 110,000 | 120,000 |
| Supplies | 20,000 | 18,000 |
| Common Stock | 220,000 | 220,000 |
| Dividends | 10,000 | 0 |
| Retained Earnings | ? | ? |
Homework Answers
Solution:.
Retained earnings for 2015 = Total Assets - Total liabilities - Dividends
Total assets for 2015 = Land + Building + Equipment + Cash + Accounts receivable + supplies
Total assets for 2015 = $40,000 + $260,000 + $45,000 + $19,000 + $33,000 + $18,000
Total assets for 2015 = $415,000
Total liabilities for 2015 = Common stock + Mortgage payable + Accounts payable
Total liabilities for 2015 = $220,000 + $120,000 + $9,000
Total liabilities for 2015 = $349,000
Retained earnings for 2015 = Total Assets - Total liabilities - Dividends
Retained earnings for 2015 = $415,000 - $349,000 - 0
Retained earnings for 2015 = $66,000
Retained earnings for 2016 = Total Assets - Total liabilities - Dividends
Total assets for 2016 = Land + Building + Equipment + Cash + Accounts receivable + supplies
Total assets for 2016 = $40,000 + $250,000 + $43,000 + $27,000 + $42,000 + $20,000
Total assets for 2016 = $422,000
Total liabilities for 2016 = Common stock + Mortgage payable + Accounts payable
Total liabilities for 2016 = $220,000 + $110,000 + $6,000
Total liabilities for 2016 = $336,000
Retained earnings for 2016 = Total Assets - Total liabilities - Dividends
Retained earnings for 2016 = $422,000 - $336,000 - $10,000
Retained earnings for 2016 = $76,000
Add Answer to:
December 31,
2016
December 31,
2015
Accounts Payable
$6,000
$9,000
Cash
27,000
19,000
Accounts Receivable
42,000...
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