1] | INCOME STATEMENT | |||
Revenues: | ||||
Service revenue | $ 124,100 | |||
Expenses: | ||||
Advertising expense | $ 32,800 | |||
Salaries expense | $ 64,400 | |||
Interest expense | $ 2,800 | |||
Utilities expense | $ 14,800 | |||
Total expenses | $ 114,800 | |||
Net income | $ 9,300 | |||
2] | STATEMENT OF RETAINED EARNINGS | |||
Common Stock | Retained Earnings | Total Stockholders' Equity | ||
Beginning balance | $ 110,000 | $ 14,300 | $ 124,300 | |
Additional common stock issued | $ 10,000 | $ - | $ 10,000 | |
Net income for the year | $ - | $ 9,300 | $ 9,300 | |
Dividends | $ - | $ (4,500) | $ (4,500) | |
Ending balance | $ 120,000 | $ 19,100 | $ 139,100 | |
3] | BALANCE SHEET | |||
Assets | ||||
Current assets: | ||||
Cash | $ 4,800 | |||
Total current assets | $ 4,800 | |||
Non-current assets: | ||||
Equipment | $ 23,500 | |||
Buildings | $ 143,000 | $ 166,500 | ||
Total assets | $ 171,300 | |||
Total liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Acccounts payable | $ 5,700 | |||
Total current liabilities | $ 5,700 | |||
Non-current liabilities-Notes payable | $ 26,500 | |||
Total liabilities | $ 32,200 | |||
Stockholders' Equity | ||||
Common stock | $ 120,000 | |||
Retained earnings | $ 19,100 | |||
Total stockholders' equity | $ 139,100 | |||
Total liabilities and stockholders' equity | $ 171,300 |
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At...
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $ 31,700 Service revenue 132,000 Interest expense 63,300 Utilities expense 4,600 Equipment 3,700 Notes payable $118,600 1,700 13,700 18,000 21,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $10,000 during...
Tiffany's provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts: Advertising Expense $ 31,200 Service revenue $ 129,300 Buildings 108,000 Interest Expense 3,500 Salaries Expense 67,800 Utilities Expense 14,500 Accounts Payable 6,300 Equipment 25,700 Cash 6,400 Notes payable 30,000 In addition, the company had common stock of $60,000 at the beginning of the year and issued an additional $15,000 during the year. The company...
Tiffany's provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts: $33,400 Service Revenue $127,100 Advertising Expense Buildings 149,000 Interest Expense 3,400 Salaries Expense 65,000 Utilities Expense 15,400 Accounts Payable 6,300 Equipment 26,500 Cash 5,400 Notes Payable 29,500 In addition, the company had common stock of $110,000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,400 Service revenue $72,700 19,000 Cost of goods sold (food expense) 54,400 2,400 Buildings 20,000 3,600 Supplies 1,400 6,500 Salaries payable 700 In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year....
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 21,000 Cost of goods sold (food expense) 2,800 Buildings 3,200 Supplies 6,100 Salaries payable $70,700 54,000 24,000 1,800 800 In addition, the company had common stock of $24,000 at the beginning of the year and issued an additional $2,400 during the year....
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, t company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable $67, 700 53,400 40,000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash $ 1,200 Service revenue $ 63,200 Equipment 24,500 Cost of goods sold (food expense) 52,500 Accounts payable 3,500 Buildings 31,000 Delivery expense 1,700 Supplies 2,500 Salaries expense 4,600 Salaries payable 700 In addition, the company had common stock of $31,000 at the beginning of the year and issued an additional $3,100 during the...
Problem 1-3A Prepare financial statements (LO1-3) Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued...
need help finding common stock and retained earnings. Problem 1-3A Prepare financial statements (L01-3) Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salariess expense $ 1,200 Service revenue 26,000 Cost of goods sold (food expense) 3,800 Buildings 2.000 Supplies 4,900 Salarios payable $64, 700 52,800 34,000 2.800 700 In addition, the company had common stock of...
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 salaries payable $67,700 53,400 40,000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year....