File: Chapter 001 A Framework for Financial Accounting
[Question]
168. Riley Incorporated reports the following amounts at the end of the year:
|
Cash |
$ 3,200 |
Service Revenue |
$ 92,500 |
|
|
Buildings |
60,000 |
Salaries Expense |
72,800 |
|
|
Accounts Payable |
8,500 |
Equipment |
72,000 |
|
|
Interest Expense |
4,000 |
Supplies |
6,400 |
|
|
Advertising Expense |
11,300 |
Notes payable |
40,000 |
In addition, the company had common stock of $65,000 at the beginning of the
year and issued an additional $5,000 during the year. The company also had
retained earnings of $20,700 at the beginning of the year and paid dividends of
$2,000 during the year. Prepare the income statement, statement of stockholders’
equity, and balance sheet.
[Question]
169. Below are incomplete financial statements for Beasley, Incorporated. Calculate the missing amounts.
|
Income Statement |
Statement of Stockholders’ Equity |
|
|||||
|
Revenues |
$ (a) |
Common Stock |
Retained Earnings |
||||
|
Expenses: |
Beginning |
$25,000 |
$12,000 |
||||
|
Salaries |
8,000 |
Issuances |
(c) |
||||
|
Delivery |
7,000 |
Net income |
5,000 |
||||
|
Utilities |
5,000 |
Dividends |
(d) |
||||
|
Net income |
(b) |
Ending |
$30,000 |
$15,000 |
|||
|
Balance Sheet |
|
||||||
|
Assets: |
Liabilities: |
|
|||||
|
Cash |
$15,000 |
Accounts payable |
15,000 |
||||
|
Supplies |
7,000 |
Stockholders’ Equity: |
|
||||
|
Prepaid rent |
(e) |
Common stock |
(g) |
||||
|
Equipment |
35,000 |
Retained earnings |
(h) |
||||
|
Total assets |
(f) |
Total liabilities and stockholders’ equity |
(i) |
||||
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Rating:
/5
Solution: File: Chapter 001 A Framework for Financial Accounting