Question

In: Accounting

Glenn Corporation had the following list of account balances for the year ended December 31, 2017....

Glenn Corporation had the following list of account balances for the year ended December 31, 2017.

Net Sales

$1,350,000

Cash

     $400,000

Accounts Receivable

120,000

Operating Expenses

380,000

Equipment

300,000

Common Stock

250,000

Accounts Payable

100,000

Interest Income

20,000

Accumulated Depreciation

30,000

Cost of Goods Sold

750,000

Inventories

30,000

Prepaid Rent

10,000

Income Taxes Payable

40,000

Income Taxes Expense

71,000

Notes Payable

Dividends

Interest Expense

200,000

10,000

4,000

Retained Earnings, January 1, 2017               

            85,000

Required:

Calculate net income for the year ending December 31, 2017.

Calculate ending retained earnings for the year ending December 31, 2017.

Calculate current assets on December 31, 2017.

Calculate total stockholders’ equity on December 31, 2017.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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