Homework Answers
Answer:
14) d. $15395
15) e. $5360
16) b. Deferred Revenue
Explanation:
14)
Step 1:
Ending Retained earnings at the end of 2017 = Beginning retained earnings + Net income – Dividends
= $4920 + $2010 - $0
= $6930.
Now, Ending Retained earnings at the end of 2017 i.e. $6930 become the beginning retained earnings of 2018.
Step2:
Ending Retained earnings at the end of 2018 = Beginning retained earnings + Net income – Dividends
= $6930 + $3575 - $90
= $10415.
Now, Ending Retained earnings at the end of 2018 i.e. $10415 become the beginning retained earnings of 2019.
Step3:
Ending Retained earnings at the end of 2019 = Beginning retained earnings + Net income – Dividends
= $10415 + $5195 - $215
= $15395
15)
|
Account Payable Accounts |
|||
|
Cash paid |
$3480 |
Beginning balance |
$7090 |
|
Ending Balance |
$5360 |
Supplies purchase |
$1750 |
|
(Balancing figure) |
|||
|
$8840 |
$8840 |
16)
Deferred Revenue is also known as unearned revenue that means cash received in advance but service will be provided later on, So Deferred revenue will show under the head of current liability.
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