Homework Answers
Solution:
20. Calculation of total expenses for the year:
Total expenses = Salaries expense + Supplies expense + Rent expense + Depreciation expense + Miscellaneous expense
= $195,000 + $1,000 + $6,000 + $25,000 + $50,000
= $277,000
Total expenses for the year = $277,000
21. Calculation of net income for the year:
Net Income = Service Revenue – total expenses
= $456,000 - $277,000
= $179,000
Net Income for the year = $179,000
22. Calculation of ending retained earnings for the year:
Ending retained earnings = Opening retained earnings + Net income
= $56,200 + $179,000
= $235,200
Ending retained earnings for the year = $235,200
23. Calculation of ending total shareholders’ equity for the year:
Ending Shareholders’ equity = Common Stock + Ending retained earnings
= $400,000 + $235,200
= $635,200
Ending Shareholders’ equity for the year = $635,200
24. Calculation of total current assets at the end of the year:
Current Assets = Cash + Accounts Receivable + Supplies
= $15,000 + $20,000 + $200
= $35,200
Total Current Assets at the end of the year = $35,200
25. Calculation of total assets at the end of the year:
Total Assets = Current Assets + Equipment – Accumulated Depreciation
= $35,200 + $1,000,000 – $200,000
= $835,200
Total assets at the end of the year = $835,200
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