Homework Answers
b.
Increase in stockholders equity = Net Income - Dividends
= 4,150-2,000
= $2,150
c.
Net income = Service revenue - Rent expense - Salaries expense - Utilities expense
= 9,400-850-3,900-500
= $4,150
a.
Beginning Equity of 2019 = $100,000
Ending Equity of 2019 = Total assets - Total liabilities
= 400,000-260,000
= $140,000
Ending equity = Beginning equity + Net Income - Dividends
140,000 = 100,000+ Net Income - 15,000
Net Income = $55,000
b.
Ending equity of 2020 = Total assets - Total liabilities
= 480,000-300,000
= $180,000
Ending equity = Beginning equity + Net income + Additional investment
180,000 = 140,000+ Net Income + 50,000
Net Loss = -$10,000
c.
Ending equity of 2021 = Total assets - total liabilities
= 590,000-400,000
= $190,000
Ending equity = Beginning equity + Net Income+ Additional investment - Dividends
190,000 = 180,000+Net Income + 15,000-30,000
Net Income = $25,000
Kindly comment if you need further assistance.
Thanks‼!
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$14,600
$14,600
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$2,500
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$3,500
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350
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550
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Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
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