Question

Presented below is selected information related to Kirby Company at December 31, 2017. Kirby reports financial information monthly.

  1. 1) Determine the total assets of Kirby Company at December 31, 2017.

  2. 2) Determine the total net income that Kirby Company reported for December 2017.

  3. 3) Determine the owner’s equity of Kirby Company at December 31, 2017.Salaries and Wages Expense $ 3,193 $17,563 Accounts Payable 6919 Notes Payable 26,610 Cash Advertising Expense 6386 Rent Expe

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Answer #1

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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