Mae Company’s trial balance as of 12/31/17 before closing entries appears below: (Note that all of...
Mae Company’s trial balance as of 12/31/17 before closing entries appears below: (Note that all of these accounts have their standard or normal debit or credit balance.)
|
Account |
Balance |
|
Accounts Receivable |
$ 10,000 |
|
Cash |
220,000 |
|
Common Stock |
40,000 |
|
Dividends Declared |
18,000 |
|
Dividends Payable |
13,000 |
|
Note Payable |
47,000 |
|
Retained Earnings |
20,000 |
|
Revenues |
? ? ? ? |
|
Expenses |
? ? ? ? |
Given this information, solve for NET INCOME.
Please show all work
Homework Answers
| Net income | $128,000 |
Calculations:
| Accounts receivable | $10,000 | |
| Cash | $220,000 | |
| Total assets | $230,000 | |
| Less: Liabilities and Common stock | ||
| Dividends payable | $13,000 | |
| Notes payable | $47,000 | |
| Common stock | $40,000 | $100,000 |
| Retained earnings, Ending balance | $130,000 |
.
| Retained earnings, Ending balance | $130,000 |
| Add: Dividends declared | $18,000 |
| Retained earnings, Beginning balance | ($20,000) |
| Net income | $128,000 |
Add Answer to:
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