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I need help finding the values with question marks Problem IV: Below are condensed financial statements for Harrington Inc. for the month of August. Solve for all spots marked with a . You may either write or type your answers over the question marks or en them in the chart on the next page. Harrington Indc. Income Statement For the month ended August 31, 20X1 Service revenue Expenses: 175,000 Salaries expense Rent expense Insurance expense Utilities expense Miscellaneous expense Total expenses $60,000 3,000 2,000 Net Income Harrington Inc. Statement of Stockholders Equity For the month ended August 31, 20X1 Common Stock S 15,000 6,000 Retained Earnings S 23,000 Total Stockholders Equity Beginning balances- Aug 1 Add: New stock issuances Add: Net income Less: Dividends Ending balances- Aug 31 S 38,000 6,000 85,000 85,000 S 21,000 S 99,000 Harrington Inc. Balance Sheet at August 31, 20X1 Liabilities Accounts Payable Salaries Payable Notes Payable Assets: Supplies Equipment Land 3,000 60,000 1,000 0.00 Total Liabilities Owners Equity Common Stock Retained Earnings Total Stockholders Equity $21,000 99,000 $140,000 Total Assets S Total Liabilities & Stockholders Equity 2

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1. Net Income-$85,000 mentioned in statement of stockholders equity 2. Total expenses Net Income -Service revenue Total expenses 「otal cxpenses = Service revenue-Net Incom $1 75,000 _ $85,000 S90,000 3. Rent Expense Total expenses Salary Expenses 1 Rent expense Insurance expense Utlities expense Miscellaneous expense Rent ExpenseTotal expenses Salary Expenses Insurance expense Utilities expense Miscellaneous expense $90,000 $60,000-$3,000 $2,000 $1,000 = $24,000 4. Dividends lotal stockholders cquity mentioned in statement of stockholdcrs cquity $90,000 Total stockholders equity as of Aug. 31 ) Beginning balance ofstockholders equity as o f A g· + Ne ock s nce it In me DN den Beginning balance of stockholders equity (as of Aug 1)+ New Stock Issuance+Net Income-Total stockholders equity (as of Aug. 31) $38,000 $6,000 $85.000 $99,000 Dividends - $30,0005. Ending balance of retained earnings as of Aug. 31-Beginning balance of retained earnings (as of Aug. 1) Net Income - Dividends S23,000 + $85,000 $30,000 $78,000 6. Total assets Total assets -Total Liabilities & Stockholders Equity $140,000 7. Cash Total assets -Cash Supplies Equipment Land CashTotal assets- (Supplies+Equipment+T.and) $140,000 - ($3,000 +60,000+$50,000) -$27,000 8. Total liabilities Total Assets -「otal liabilities + Total Stockholders cquity balance sheet equation Total liabilities Total Assets - Total Stockholders equity $140,000- $99,000 $41,0009. Accounts Payable Total labilities Accounts Payable +Salaries Payable +Notes Payable Accounts Payable Total liabilities - (Salaries Payable Notes Payable) $41,000 (S1,000+S30,000) S10,000 10. Retained Earnings Total Stockholders equity Common Stock + Retained earnings Retained earnings Total Stockholders equity Common Stock $99,000- $21,000 $78,000 ending balance of retained earnings as of Aug. 31

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