Homework Answers
| a. | Assets | = | Liabilities | + | Stockholders' Equity | |||
| Cash | = | Notes Payable | + | Common Stock | + | Retained Earnings | ||
| 153,000 | = | 85,300 | + | 52,100 | + | 15,600 | ||
| Retained earnings = $153,000 - $85,300 - $52,100 = $15,600 | ||||||||
| b & c | MOSS COMPANY | |||||||
| Effect of 2019 Transactions on the Accounting Equations | ||||||||
| Assets | = | Liabilities | + | Stockholders' Equity | ||||
| Event | Cash | = | Notes Payable | + | Common Stock | + | Retained Earnings | |
| Beginning Balance | 153,000 | = | 85,300 | + | 52,100 | + | 15,600 | |
| Earned revenue | 33,000 | = | + | + | 33,000 | |||
| Paid expenses | (18,500) | = | + | + | (18,500) | |||
| Paid dividend | (2,700) | = | + | + | (2,700) | |||
| Ending balance | 164,800 | = | 85,300 | + | 52,100 | + | 27,400 | |
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As of December 31, 2018, Moss Company had total cash of $153,000, notes payable of $85,300,...
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As of December 31, Year 1, Moss Company had total cash of $146,000, notes payable of $84,600, and common stock of $51,400. During Year 2, Moss earned $26,000 of cash revenue, paid $15,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31, Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under the appropriate...
As of December 31, Year 1, Moss Company had total cash of $146,000, notes payable of...
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