The following information was taken from the accounting records of ZZ, Inc. for the year ended...

Question

Question

The following information was taken from the accounting records of ZZ, Inc. for the year ended December 31, 2019: 7 Income Tax Expense . . . . $18,000 ZZ, Inc. reported total equity at December 31, 2019 of $178,000. Calculate the amount of net income earned by ZZ, Inc. during 2019.

business finance

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ans:

Total Equity = opening retained earning (jan 2019) + Ending retained earnings (dec 2019) + Common stock

178,000 = 59000 + 97000 - Ending retained earnings

Ending retained earnings = 22,000

Ending retained earnings = Net income - dividend

22,000 = Net Income - Dividend

22,000 = Net Income - 11,000

Net Income = 33,000

Add a comment

Answer 2

Similar Homework Help Questions

The following information was taken from the accounting records of ZZ, Inc. for the year ended...

The following information was taken from the accounting records of ZZ, Inc. for the year ended December 31, 2019: Cash ........................ $26,000 Accounts Payable ............ $41,000 Sales Revenue ............... $95,000 Copyright ................... $37,000 Advertising Expense ......... ? Common Stock ................ $97,000 Utilities Payable ........... $13,000 Supplies .................... $16,000 Cost of Goods Sold .......... $42,000 Rental Revenue .............. $29,000 Building .................... $86,000 Notes Payable ............... ? Utilities Expense ........... $13,000 Inventory ................... $77,000 Dividends ................... $11,000 Equipment ................... $56,000 Retained Earnings...
Question 4 5.5 pts The following information was taken from the accounting records of zz, Inc....

Question 4 5.5 pts The following information was taken from the accounting records of zz, Inc. for the year ended December 31, 2019: Cash Accounts Payable $41,eee Sales Revenue .. . . $95,800 Copyright $37,800 Advertising Expense Common Stock $97,88 Utilities Payable $16,000 Supplies $13,80 $26,000 s 000 Notes Payable Inventory $77,800 $59,000 (at January 1, 2019) Retained Earnings $59,000 (at January 1, 2019) Accounts Receivable $61,608 ZZ, Inc. reported total equity at December 31, 2819 of $178,ee0. Calculate the...
Question 7 5.5 pts The following information was taken from the accounting records of zz, Inc....

Question 7 5.5 pts The following information was taken from the accounting records of zz, Inc. for the year ended December 31, 2019: $26,000 $41,000 95,000 $37,00€ Cash ....... Accounts Payable ....... Sales Revenue ......... Copyright .. Advertising Expense Common Stock ....... Utilities Payable ... Supplies ......... Cost of Goods Sold ... Rental Revenue ....... Building Notes Payable .... Utilities Expense Inventory Dividends Equipment .......... Retained Earnings ... Income Tax Expense ... Accounts Receivable ......... $97,000 $13,000 $16,000 $42,000 $29,000...

Question 6 6 pts The following information was taken from the accounting records of Z2, Inc....

Question 6 6 pts The following information was taken from the accounting records of Z2, Inc. for the year ended December 31, 2019: Cash ...s...26,000 Accounts PayableS41,000 Sales Revenue 095,000 Copyrightvonco.$37,000 Advertising Expense n. Common Stock $97,000 Utilities Supplies$13,000 Cost of Goods sola . Rental Revenue $29,000 Building Notes Payable Utilities Expense$16,00 InventoryANH.v.$77,00 Dividendssowwspepo $11,000 Equipment$56,000 Retatned Earnings $59,000 Cat January 1, 2019) Income Tax Expense $18,000 Accounts Receivable$61, Payable $16,000 $42,000 UABEBEUSR$68,000 z ZZ, Inc reported total equity at...
The following information was taken from the accounting records of ABC Company for the period ended...

The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: (at January 1, 2019) Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 $17,000 $36,000 $11,000 $38,000 $72,000 $17,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
The following information is available from the accounting records of Manahan Co. for the year ended...

The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $36,600 Income tax expense Other selling expenses Net Sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $105,000 20,000 109,800 25, 346 14,200 642,600 47,000 61,880 366,282 142,700 Required: a. Calculate the operating income for Manahan Co. for the year...

The following information was taken from the accounting records of ABC Company for the period ended...

The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
The following information is available from the accounting records of Spenser Co. for the year ended...

The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: Selling, general, and administrative expenses $ 61,200 Accounts payable 102,000 Research and development expenses 44,400 Loss from discontinued operations, net of tax savings of $6,000 19,200 Provision for income taxes 88,800 Net sales 694,800 Interest expense 76,800 Net cash provided by operations 177,600 Cost of goods sold 326,400 Required: a. Calculate the operating income for Spenser Co. for the year ended...
The following information was taken from the accounting records of ABC Company for the period ended...

The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...

which one is true？ DI Question 1 2.5 pts Financial accounting information about a business organization:...

which one is true？ DI Question 1 2.5 pts Financial accounting information about a business organization: O is primarily reported to outsiders through a set of reports called financial statements O is made available to investors and creditors by permitting them access to the accounting records O must be made available to the public by law, regardless of the size of the business O is generally available only to management 5 Question 3 The following information was taken from the...

The following information was taken from the accounting records of ZZ, Inc. for the year ended...

Homework Answers