The asset, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained earnings was $39.000 at the beginning of the year. At year-end, common stock was $13,000 and dividends were $57,000.
Assets | Liabilities | ||
Cash | 3200 | Notes payable | 14000 |
Accounts receivable | 9300 | Accounts payable | 3600 |
Office supplies | 5100 | Total liabilities | 17600 |
Office furniture | 48400 | Stockholders' Equity | |
Common stock | 13000 | ||
Retained earnings | 35400 | ||
Total stockholders' equity | 48400 | ||
Total assets | 66000 | Total liabilities and stockholders' equity | 66000 |
Net income = $154600 - ($23000 + 65000 + 2200 + 7200 + 3800) = $154600 - $101200 = $53400
Retained earnings = $39000 + $53400 - $57000 = $35400
The asset, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018.
The asset, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained earnings was $39,000 at the beginning of the year. At year end, common stock was $13,000 and dividends were $57,000.
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