Homework Answers
Answer
- All working forms part of the answer
- Income Statement
|
Answers |
Working |
|
|
Revenues |
$30,000 |
= Expenses + Net Income = 13000 + 7000 + 5000 + 5000 |
|
Expenses: |
||
|
Salaries |
$13,000 |
[given] |
|
Rent |
$7,000 |
[given] |
|
Advertising |
$5,000 |
[given] |
|
Net Income |
$5,000 |
[See Statement of Earnings, Net Income is given] |
- Statement of Retained Earnings
|
Common Stock |
Retained Earnings |
Total Stockholder's Equity |
Working |
|
|
Beginning Balance |
$14,000 |
$7,000 |
$21,000 |
[given] |
|
Issuance of Stock |
$3,000 |
$3,000 |
[$17000 ending balance of stock - $ 14000 beginning balance] |
|
|
Add: Net Income |
$5,000 |
$5,000 |
[given] |
|
|
Less: Dividends |
$4,000 |
$4,000 |
[$ 7000 RE + 5000 Net Income - $ 8000 ending RE] |
|
|
Ending balance |
$17,000 |
$8,000 |
$25,000 |
[given] |
- Balance Sheet
|
Assets |
Workings |
|
|
Cash |
$1,100 |
[given] |
|
Supplies |
$5,900 |
[$29000 total assets - $ 1100 - 6000 - 16000] |
|
Land |
$6,000 |
[given] |
|
Building |
$16,000 |
[given] |
|
Total Assets |
$29,000 |
[= Total Liabilities & Stockholder's Equity |
|
Liabilities |
Workings |
|
|
Accounts Payable |
$4,000 |
[given] |
|
Stockholder's Equity |
Workings |
|
|
Common Stock |
$17,000 |
[See Statement of Retained earnings - Ending balances] |
|
Retained earnings |
$8,000 |
[See Statement of Retained earnings - Ending balances] |
|
Total Liabilities & Stockholder's Equity |
$29,000 |
[$4000 + $ 17000 + $ 8000] |
Add Answer to:
Required: Prepare the income statement, statement of stockholders' equity, and balance s Investments. heet for Gator...
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Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC....
Below are incomplete financial statements for Cyclone,
Inc.
Required:
Calculate the missing amounts.
CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries | $ 11,600 Rent 5,600 Advertising 3,600 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Retained Earnings Total Stockholders' Equity $ 18,200 $ 12,600 $ 5,600 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 3,600 3,600 $ 14,200 $ 6,600 $ 20,800
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Below are incomplete financial statements for Cyclone,
Inc.
Required:
Calculate the missing amounts.
CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries | $ 11,600 Rent 5,600 Advertising 3,600 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Retained Earnings Total Stockholders' Equity $ 18,200 $ 12,600 $ 5,600 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 3,600 3,600 $ 14,200 $ 6,600 $ 20,800
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