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In: Accounting

Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Stockholders' Equity shown on the Balance Sheet you prepared on your scratch paper?

Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Stockholders' Equity shown on the Balance Sheet you prepared on your scratch paper? 

Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

Adjusted Trial Balance As of 12/31/20xx Accounts Account Balances Cash $20,156 Accounts Receivable 28,000 Allowance for Uncol

Solutions

Expert Solution

Before preparing stockholders equity, it is first need to calculate the net income.

Service revenue $ 65,120
Less:Sales discount ($ 1,000)
Net sales revenue $ 64,120
Less: Rent expense ($ 4,000)
Interest Expense ($ 4,000)
Income tax expense ($ 4,000)
Net income after tax $ 52,120

Ending retained earnings = beginning retained earnings + net income - dividend

Ending retained earnings = 10,000 + 52,120 - 3,000

Ending retained earnings = $ 59,120

Stockholders equity:
Common stock $ 30,000
Add: Ending retained earnings $ 59,120
Total stockholders equity $ 89,120

Hence, 89120 is the correct answer.

SUMMARY:

89120 is the correct answer.


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