Question

Question 2 of 25 < III View Policies Current Attempt in Progress Use the following information for the year ended December 31, 2022 Prepaid insurance Operating expenses Accounts payable Accounts receivable Common stock Retained earnings (beginning) Equipment $900 13,300 10,000 3,000 11.000 9,400 65,000 Service revenue $24,200 Cash 16,100 Dividends 1,300 Notes payable 2,000 Bonds payable 43,000 U ir T Calculate the following: (Enter loss using either a negative sign preceding the number eg. -45 or parentheses es. (45)) с fi in Net income/(net loss) $ Ending retained earnings at er be $ Total liabilities $ ex To 13 MacBook Air 80 esc DOD DOG F F2 F3 4 F5 F6 17 @ # $ % & 1 2 3 4 5 6 7 Q W E R T Y

Answer 1

Answer :-

1. Net Income/(Loss) = Service Revenue - Operating expenses

Net Income = $24,200 - $13,300

Net Income = $10,900

2. Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends

Ending Retained Earnings = $9,400 + $10,900 - $1,300

Ending Retained Earnings = $19,000

3. Total Liabilities = Accounts payable + Notes payable + Bonds payable

Total Liabilities = $10,000 + $2,000 + $43,000

Total Liabilities = $55,000

If you have any query feel free to ask in comment section. Thanks