Question

Gatti Corporation reported the following balances at June 30. $ 145 105 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Cash Equivalents Common Stock Deferred Revenue Depreciation Expense Dividends Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings Salaries and Wages Expense Service Revenue Utilities Expense 370

Answer 1

1.

Cash and cash equivalents = Cash + Cash equivalent + Petty cash

= 17+22+20

= $59

2.

Income Statement
Service revenue	550
Expenses:
Utilities expense	-67
Salaries and wages expense	-435
Depreciation expense	-40
Total expenses	-542
Net Income	$8

Statement of Retained Earnings
Beginning retained earnings	58
Net Income	8
	$66
Dividends	-8
Retained earnings, Ending	$58

Balance Sheet
Assets	Amount	Liabilities + Stockholders Equity	Amount
Current Assets:		Current Liabilities:
Cash and equivalents	59	Accounts payable	145
Accounts receivable	105	Note payable (short-term)	20
Restricted cash (short - term)	10	Deferred revenue	47
Total Current Assets	174	Total Current Liabilities	212
Plant,Assets :		Long term liabilities:
Equipment                                370		Note payable (long-term)	60
Less:Accumulated Depreciation-44	326	Stockholders Equity:
Total Plant Assets	326	Common stock	170
		Retained earnings	58
		Total stockholders equity	228
Total Assets	$500	Total Liabilities & Stockholders Equity	$500

Kindly comment if you need further assistance.

Thanks‼!