Presented below is selected information related to Kirby Company at December 31, 2017. Kirby reports financial information monthly.
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1) Determine the total assets of Kirby Company at December 31, 2017.
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2) Determine the total net income that Kirby Company reported for December 2017.
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3) Determine the owner’s equity of Kirby Company at December 31, 2017.
Homework Answers
Total assets= Cash+Equipment+Accounts Receivable = $6919+$30868+$14369=$52156
Total Net Income= Service Revenue-Advertising expense- Salaries And Wages Expenses-Rent Expense
= $56945-$6386-$17563-$11176= $21820
Total Liabilities= Accounts Payable+ Notes Payable = $3193+$26610= $29803
Owner's Equity= Total assets- Total Liabilities=$52156-$29803=$22353
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