Question

Problem 1-57A (Algorithmic) Accounting Relationships Information for Beethoven Music Company is given below. Required: Use the relationships in the balance sheet, income statement, and retained earnings statement to determine the missing values. Total assets at the beginning of the year $145,200 Total assets at the end of the year Total liabilities at the beginning of the year 92,600 Total liabilities at the end of the year 126,600 Equity at the beginning of the year Equity at the end of the year $104,400 Dividends pald during the year Net income for the year 77,200 554,600 Revenues Expenses

Answer 1

Total assets at the end of the year = Total liabilities at the end of the year + Total equity at the end of the year

= $126,600 + $104,400

= $231,000

Total assets at the beginning of the year = Total liabilities at the beginning of the year + Total equity at the beginning of the year

$145,200 = $92,600 + Total equity at the beginning of the year

Total equity at the beginning of the year = $145,200 - $92,600

= $52,600

Ending equity = Beginning equity + Net income - Dividend paid

$104,400 = $52,600 + $77,200 - Dividend paid

Dividend paid = $129,800 - $104,400

= $25,400

Net income = Revenue - Expense

$77,200 = $554,600 - Expense

Expense = $554,600 - $77,200

= $477,400

The single step income statement is prepared as follows:

Rogers Enterprises
Income statement
For the month ended December 31, 2019
Revenue & Gains	Amount ($)
Service revenue	463,500
Total revenue & gains (A)	463,500
Expense and losses:
Income tax expesne	12,800
Interest expesne	16,000
Rent expense	135,000
Salaries expesne	235,200
Supplies expense	34,400
Total exepsnes (B)	433,400
Net income (A - B)	30,100

If it is helpful please rate the answer thank you!!!