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In: Accounting

Accounts Payable $ 53,000   Accounts Receivable 30,800   Cash (balance on January 1, 2013) 108,900   Cash (balance...

Accounts Payable $ 53,000
  Accounts Receivable 30,800
  Cash (balance on January 1, 2013) 108,900
  Cash (balance on September 30, 2013) 93,000
  Common Stock 149,000
  Dividends 0
  Equipment 144,700
  Income Tax Expense 10,900
  Interest Expense 30,300
  Inventory 18,000
  Notes Payable 30,900
  Prepaid Rent 7,800
  Office Expense 15,100
  Retained Earnings (beginning) 10,300
  Salaries and Wages Expense 36,500
  Service Revenue 153,800
  Utilities Expense 25,900
  Salaries and Wages Payable 16,000
  
  Other cash flow information:
    Cash from issuing common stock $ 29,000
    Cash paid to reacquire common stock 32,900
    Cash paid for income taxes 11,800
    Cash paid to purchase long-term assets 60,400
    Cash paid to suppliers and employees 92,800
    Cash received from customers 153,000

this is what I got on the balance sheet, please correct me if I'm wrong. and please answer the question from 1a to 2c thank you

OPENRESERVATION, INC.
Balance Sheet
For the Nine Months Ended September 30, 2013
Assets
Cash $93,000
Accounts Receivable 30,800
Inventory 18,000
Prepaid Rent 7,800
Equipment 144,700
Total Assets $294,300
Liabilities
Accounts Payable $53,000
Salaries and Wages Payable 16,000
Notes Payable 30,900
Total Liabilities 99,900
Stockholders' Equity
Common Stock 149,000
Retained Earnings 10,300
Total Stockholders' Equity 159,300
Total Liabilities and Stockholders' Equity $259,200
1-a.

What amount of total assets has been financed by the creditors and by the stockholders?
1-b. Did OpenReservation rely more on creditors or stockholders for its financing at September 30, 2013?
Creditors
Stockholders
1-c. What is your information source?
  
Income Statement
Statement of Retained Earnings
Balance Sheet
Statement of Cash Flows
2-a. What is the amount of retained earnings as of September 30, 2013?
  
.

2-b Did the retained earnings at September 30, 2013, arise primarily from current year earnings or earnings retained from prior years?
  
Arise primarily from current year earnings.
Earnings retained from prior years.
Approximately equal amounts of both.
2-c. What is your information source?
  
Income Statement
Statement of Retained Earnings
Balance Sheet
Statement of Cash Flows

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Expert Solution

ekkarill92 answered 3 years ago
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