Question

Consider the following information for Company A:

Cash $22,100

Buildings 65,800

Revenues 38,900

Inventory 26,400

Utility expenses 10,600

Cost of Goods Sold 12,300

Retained earnings 25,600

Prepaid expenses 11,250

Operating cash flows 19,500

Unearned revenue 15,500

Contributed capital 42,600

Notes Payable 10,050

Accounts Payable 31,800

Please calculate: A.) Gross income; B.) Net profit; C.) Current Assets; D.) Total Stockholder's Equity; E.) Total Liability

Answer 1

1)	Gross Income	26,600
	Revenue	38,900
	Less:
	Cost of Goods sold	(12,300)
	Gross Income	26,600
2)	Net Income
	Gross Inocme	26,600
	Less:
	Utilities Exppenses	(10,600)
	Net income	16,000
3)	Current Assets	59,750
	Cash	22,100
	Inventory	26,400
	Prepaid expenes	11,250
	Current Assets	59,750
4)	Total Stockholder's Equity	84,200
	Contributed Capital	42,600
	Retained Earning	25,600
	Net INCOME	16,000
	Total Stockholder's Equity	84,200
5)	Total Liability	57,350
	Unearned revenue	15,500
	Notes Payable	10,050
	Accounts Payable	31,800
	Total Liability	57,350