Homework Answers
The Answer is 70 %
Calculation:
Percentage of Common Stock = Common Stock / Total Stockholders Equity$ 28,000 / $ 40,000 = 70 %
Working:
| Michigan Corp.`s | |
| Retained Earnings Statement | |
| Beginning Balance | $ 6,200 |
| Add:Net Income [8000+21000-8200-10000] | $ 10,800 |
| Less: | |
| Dividends (Cash Dividend) | $ (5,000) |
| Dividends (Stock Dividend) | $ - |
| Retained Earnings Closing Balance | $ 12,000 |
Balance sheet:
| Michigan Corp.`s | |||
| Balance sheet | |||
| Assets | Liabilities | ||
| Current assets: | Current liabilities: | ||
| Cash | $ 8,000 | Account Payable | $ 14,000 |
| Supplies | $ 2,000 | ||
| Prepaid Rent | $ 4,000 | ||
| Total current assets | $ 14,000 | Total Current liabilities | $ 14,000 |
| Property,plant, and equipment: | |||
| Equipment | $ 40,000 | Stockholders` Equity | |
| Common Stock [40000-12000] | $ 28,000 | ||
| Retained Earnings | $ 12,000 | ||
| Total Long-term assets | $ 40,000 | Total stockholders` equity [54000-14000] | $ 40,000 |
| Total Assets | $ 54,000 | Total liabilties and stockholders` equity | $ 54,000 |
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The following table contains Michigan Corp.'s adjusted trial balance at December 31st: Cash Supplies Prepaid rent...
The following table contains Michigan Corp.'s adjusted trial balance at December 31st: Cash Supplies Prepaid rent...
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The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 2012 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable $4,000 Salary payable 2,000 Unearned revenue (2 month advance) 2,000 Note payable — long term 14,000 Common stock 10,000 Retained earnings 14,700 Dividends 4,000 Service revenue 75,000 Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 ...
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Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown...
Create a balance sheet
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Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
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The following table contains Michigan Corp.'s adjusted trial balance at December 31st: Cash Supplies Prepaid rent Salaries expense Equipment Service revenue Rent expense Dividends Merchandise revenue Accounts payable Common stock Retained earnings $8,000 $2,000 $4,000 $8,200 $40,000 $21,000 $10,000 $5,000 $8,000 $14,000 ? $6,200 On Michigan's balance sheet, the amount shown for Common stock would make up what percentage of total stockholders' equity? (Enter the percentage as a whole number, ex: 15 not.15)
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Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Create an Income Statement
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
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Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
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