JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...

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JYF Companys accounting records at December 31, 2022 reported the following account balances: Cash Retained Earnings Prepaid

JYF Company's accounting records at December 31, 2022 reported
the following account balances:

Cash                          $25,000
Retained Earnings             $53,000  (at January 1, 2022)
Prepaid Insurance             $18,000
Advertising Expense           $22,000
Cost of Goods Sold            $29,000
Interest Revenue              $31,000
Copyright                     $28,000
Supplies                      $12,000
Accounts Receivable           $51,000
Common Stock                  $91,000
Accounts Payable              $50,000
Patent                        $21,000
Notes Payable                 $86,000  (due March 1, 2023)
Income Tax Expense            $21,000
Inventory                     $59,000
Building                      $34,000
Salaries Expense              $14,000
Sales Revenue                 $79,000
Dividends                     $11,000
Equipment                     $45,000

Calculate JYF Company's total stockholder's equity at December 31, 2022.

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Answer 1

Answer #1

Calculate net income

Advertising expense	-22000
Cost of goods sold	-29000
Interest revenue	31000
Income tax expense	-21000
Salaries expense	-14000
Sales revenue	79000
Net income	24000

Calculate total Stockholder's equity

Common Stock	91000
Retained earnings (53000+24000-11000)	66000
Total Stockholder's equity	157000

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Answer 2

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