1. Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000, Property, plant and...
1. Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000, Property, plant and equipment $350,000, Common stock $500,000, Retained earnings ?, Accounts receivable $250,000, Long term debt $200,000, Accounts payable $100,000 and Inventory $175,000. What is the Retained Earnings balance at the end of the year?
- A. $50,000
- B. $550,000
- C. $850,000
- D. $800,000
2. Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000, Property, plant and equipment $350,000, Common stock $500,000, Retained earnings ?, Accounts receivable $250,000, Long term debt $200,000, Accounts payable $100,000 and Inventory $175,000. What amount should Walstrom's Electronics report on its Balance Sheet for Total Assets?
- A. $950,000
- B. $550,000
- C. $850,000
- D. $775,000
3. Seifert Corporation reports the following account balances: Sales revenues $700,000, Rental revenues $180,000, General and Administrative expenses $320,000, Selling expenses $280,000, Income tax expenses $60,000, and Dividends paid $220,000. By what amount will Net income on a Single-step Income statement differ from Net income on a Multiple-step Income statement if Seifert prepares both formats?
- A. $0
- B. $2,000
- C. $6,000
- D. $8,000
Homework Answers
1) Calculate retained earnings
| Cash | 75000 |
| Property, plant and equipment | 350000 |
| Account receivable | 250000 |
| Inventory | 175000 |
| Total assets | 850000 |
| Common Stock | -500000 |
| Long term debt | -200000 |
| Account payable | -100000 |
| Retained earnings | 50000 |
So answer is a) $50000
2) Calculate total assets
| Cash | 75000 |
| Property, plant and equipment | 350000 |
| Account receivable | 250000 |
| Inventory | 175000 |
| Total assets | 850000 |
So answer is c) $850000
3) Calculate net income
| Sales revenue | 700000 |
| Rental revenue | 180000 |
| General and administrative expense | -320000 |
| Selling expense | -250000 |
| Income tax | -60000 |
| Net income | 220000 |
Multiple step income statement and single step income statement is different in format only not in amount
So amount difference = 0
So answer is a) $0
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