Question

BALANCE SHEET ACCOUNTING EQUATION ASSETS STOCKHOLDERS' EQUITY LIABILITIES + ICONTRIBUTED ICAPITAL RESOURCES OF THE DEBT OWED TO OTHERS RETAINED EARNINGS COMPANY BEG BAL R/E NET INCOME +-NET GAIN/LOSS DIVIDENDS = END BALANCE R/E Put the following ending balances into the balance sheet and income statement. Note, Net Income will be used twice! Then use this information to answer the Extra Credit Quiz on CANVAS INCOME OPERATING EXPENSES $3,000, DIVIDENDS $7,000, INVENTORY STATEMENT $20,000, ACCOUNTS RECEIVABLE $1,000, PREFERRED STOCK $15,000, SALES/REVENUES $25,000, BUILDINGS/EQUIPMENT $12,000, COMMON STOCK $20,000, ACCOUNTS PAYABLE $5,000, WAGES PAYABLE $2,500, COST OF GOODS SOLD $8,000, NET GAIN/LOSS $0, LONG-TERM NOTES PAYABLE $15,000, CASH $35,000, BEGINNING RETAINED EARNINGS $3,500 SALES/REVENUES - COST OF GOODS SOLD = Gross Profit / Gross Margin OPERATING EXPENSES = NET INCOME

Answer 1

Answer:

BALANCE SHEET ACCOUNTING EQUATION STOCKHOLDERS' EQUITY ASSETS LIABILITIES I ICONTRIBUTED IRESOURCES OF THE IDEBT OWED TO RETAINED EARNINGS OTHER COMPANY CAPITAL HERS L BEG BAL R/E $35,000 $1,000 $5,000 $15,000 $3,500 $2,500 $20,000 $14,000 NET INCOME $20,000 $15,000 NET GAIN /LOSS $0 $12,000 -DIVIDENDS $7,000 END BALANCE R/E $10,500 INCOME STATEMENT SALES/REVENUES -COST OF GOODS SOLD $25,000 $8,000 $17,000 $3,000 Gross Profit - OPERATING EXPENSES $14,000 = NET INCOME

Assets are (in this order):

Cash

Account Receivable

Inventory and

Building / Equipment

Liabilities are (in this order):

Accounts payable and

Wages payable and

Long Term notes payable

Contributed capital are (in this order):

Preferred stock and

Common stock