Question

Sheffield Corp. compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 $1165000 248000 300000 984000 275000 82000 38000 155000 109500 570000 Sheffield stockholders' equity on December 31, 2017 is: $669000 $879000 $999000 $917000

Answer 1

Answer (1) $917,000

Retained earning 12/31/17 (working note 1)	$669,000
Common Stock	$248,000
stockholders' equity on Dec 31,2017	$917,000

	Working note 1
	Service revenue	$1,165,000
Less	Operating expenses	$984,000
	Net Income	$181,000

	Retained earning, 1/1/17	$570,000
Add	Net Income for the year	$181,000
Less	Dividend	$82,000
	Retained earning 12/31/17 (working note 1)	$669,000

(2) $129,700

Net cash used by operating activities
Particulars	Amount
Collected from Customers	$286,000
Paid Salaries	$140,500
Paid for utilities	$15,800
Net cash used by operating activities	$129,700