River Corporation had the following beginning balances: Cash $120,000 Accounts Receivable 40,000 Supplies 25,000 Accounts Payable...
River Corporation had the following beginning balances: Cash $120,000 Accounts Receivable 40,000 Supplies 25,000 Accounts Payable 20,000 Common Stock 50,000 Retained Earnings 115,000 If ending assets for River Corporation were $200,000, net income was $75,000, and dividends paid were $20,000, what was ending liabilities for River Corporation. Show your work to receive full and partial credit.
Homework Answers
Answer:-
| Liabilities | Amount | Assets | Amount |
| Accounts payable | 20,000 | Cash | 1,20,000 |
| Retained earnings | 1,15,000 | Accounts Receivables | 40,000 |
| Net income | 75,000 | Common stock | 50,000 |
| Dividend paid | 20,000 | Supplies | 25,000 |
| Ending Liabilities* | 2,05,000 | Ending assets | 2,00,000 |
|
Total |
4,35,000 |
Total |
4,35,000 |
*Calculation of Ending liabilities
Total assets = Total liabilities + Shareholders' equity
Based on this formula, Sum of total assets is equal to 4,35,000 and sum of all liabilities given in question( excluding ending liabilities) is 2,30,000.
So, 4,35,000 - 2,30,000
= 2,05,000 (Ending liabilities)
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River Corporation had the following beginning balances: Cash
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