Homework Answers
Before solving given question, we have to bring below equation in our mind.
Total assets = Total liabilities + Common Stock + Retained earnings
Retained earnings = Beginning retained earnings + Net income - Dividends
Net income = Revenues - Expenses
| Emerald Co | Lally, Inc | Bailey Corp | |
| Beginning | |||
| Assets | $ 76 | $ 35 | $3+$4+$17 = $24 |
| Liabilities | $ 49 | $ 23 | $ 3 |
| Common stock | $ 2 | $ 6 | $ 4 |
| Retained earnings | $76-$49-$2 = $25 | $ 6 | $ 17 |
| Ending | |||
| Assets | $51+$2+$31 = $84 | $ 55 | $ 26 |
| Liabilities | $ 51 | $ 35 | $26-$4-$20 = $2 |
| Common stock | $ 2 | $55-$35-$11 = $9 | $ 4 |
| Retained earnings | $ 31 | $ 11 | $ 20 |
| Income Statement | |||
| Revenues | $ 224 | $150+$11 = $161 | $ 38 |
| Expenses | $ 214 | $ 150 | $38-$20 = $18 |
| Net income | $224-$214 = $10 | $ 11 | $ 20 |
| Statement of retained earnings | |||
| Beginning RE | $ 25 | $ 6 | $ 17 |
| + Net income | $31-$25+$4 = $10 | $ 26 | $ 7 |
| - Dividends | $ (4) | $ (21) | $ (4) |
| = Ending RE | $ 31 | $ 11 | $ 20 |
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