Consultants had the following balance sheet amounts at the beginning of 2012: Total Assets: 400,000 Common...
Consultants had the following balance sheet amounts at the beginning of 2012:
Total Assets: 400,000
Common Stock: 50,000
Retained Earnings: 100,000
During the year, total assets increased by 120,000 and total liabilities increased by 40,000. Owners invested an additional 20,000 in exchange for common stock and the company paid out 30,000 in dividends. No other transactions occurred except revenues, which totaled 220,000 for the year, and expenses.
Retained earnings on December 31, 2012 is?
Homework Answers
Answer---------Retained earnings on December 31, 2012 is $160,000
Working
| Equity | ||||
| Assets= | Liabilities+ | Common stock | Retained earnings | |
| Beginning balances | $ 400,000.00 | $ 250,000.00 | $ 50,000.00 | $ 100,000.00 |
| Dividends | $ (30,000.00) | |||
| Additional shares issue | $ 20,000.00 | |||
| Net income (Balancing figure) | $ 90,000.00 | |||
| Other changes | $ 120,000.00 | $ 40,000.00 | ||
| Ending Balance | $ 520,000.00 | $ 290,000.00 | $ 70,000.00 | $ 160,000.00 |
| Ending assets | $ 520,000.00 |
| Less: Ending liability | $ 290,000.00 |
| Ending stockholder's equity | $ 230,000.00 |
| Ending stockholder's equity | $ 230,000.00 |
| Less: Ending common stock | $ 70,000.00 |
| Ending balance of retained earnings | $ 160,000.00 |
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Consultants had the following balance sheet amounts at the
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