Homework Answers
Net income = Ending retained earnings + Dividends - Beginning retained earnings
= 34,000+4,770-19,000
= $19,770
Net income = Revenue - Cost of goods sold - Salaries and wages expense
19,770 = 85,400- Cost of goods sold - 10,270
Cost of goods sold = $55,360
Total liabilities and stockholders equity = Accounts payable + Common stock + Retained earnings
69,000 = 5,600 + Common stock + 34,000
Common stock = $29,400
| (a) Common Stock | $29,400 |
| (b) Retained earnings | $34,000 |
| (c) Cost of goods sold | $55,360 |
| (d) Net Income | $19,770 |
| (e) Net Income | $19,770 |
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I will thumbs up the answer, thanks. Exercise 1-12 Here are incomplete financial statements for Cullumber...
I will thumbs up the answer, thanks.
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I will thumbs up the answer, thanks.
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