Homework Answers
| AYAYAI CORPORATION |
| STATEMENT OF FINANCIAL POSITION |
| For the year ended December 31, 2022 |
| ASSETS |
| Accounts receivable | $ 2,400 |
| Cash | $ 2,480 |
| Equipment | $ 22,240 |
| Supplies | $ 1,520 |
| TOTAL ASSETS | $ 28,640 |
| LIABILITIES |
| Accounts payable | $ 4,000 |
| Bank loan payable | $ 5,600 |
| TOTAL LIABILITIES | $ 9,600 |
| STOCKHOLDERS EQUITY |
| Common stock | $ 12,000 |
| Add: Ending retained earnings | $ 7,040 |
| TOTAL EQUITY | $ 19,040 |
| TOTAL LIABILITIES AND EQUITY | $ 28,640 |
Here, ending retained earnings = beginning retained earnings +net income - dividend paid.
Ending retained earnings = 0 + 9,040 - 2,000
Ending retained earnings = $ 7,040.
SUMMARY:
Total assets = total liabilities + equity.
28,640 = 9,600 + 19,040
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2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 12,000 shares
authorized)
$720,000
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1,152,000
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