Question
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
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.
ekkarill92 answered 2 years agoRelated Solutions
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