Question

Rutgers Designers began operations on April 1. The financial statements for Rutgers Designers are shown below for the month ended April 30, (the first month of operations). Determine the missing amounts for each letter. N/A are omitted amounts; they are NOT equal to 0

Please answer in the following format: 12345 (no dollar signs, no commas).

A) Net Income:

B) Cash:

C) Land:

D) Retained Earnings:

E) Total Stockholders' Equity:

Rutgers Designers began operations on April 1. The financial statements for Rutgers Designers are shown below for the month ended April 30. (the first month of operations. Determine the missing amounts for each letter. N/A are omitted amounts they are NOT equal to D $36,000 Rutgers Designers Income Statement For the Month Ended April 30 Revenue: Expenses: Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense Total expenses Net income $7,250 4,200 1.800 500 1.550 15.300 (A) Rutgers Designers Statement of Stockholders' Equity For the Month Ended April 30 $ 0 Stockholders' Equity, April 1 Investment on April 1 Net income for April Dividends Increase in stockholders' equity Stockholders' Equity, April 30 $45,000 (A) (2.000) N/A NA Rutgers Designers Balance Sheet April 30 Liabilities $ (B) Accounts payable 3,000 Stockholders' Equity N/A Contributed capital (C Retained Earnings $80.000 Total liabilities and stockholders equity Assets Cash Accounts Receivable Supplies Land SNA 45,000 (D) SIE Total assets

Answer 1

Net income = 20700

cash = 51800

land = 20000

reatined earnings = 18700

Total stock holder equity = 63700

working note:

Income Statement
For the Month Ended April 30
Revenue		$36,000
Operating expenses:
Wages expense	$7,250
Rent expense	4200
Supplies expense	1800
Utilities expense	500
Miscellaneous expense	1550
Total operating expenses		15300
Net income		$20700

Statement of Owner's Equity
For the Month Ended April 30
Stockholder equity, April 1		$0
Investment on April 1	$45,000
Net income for April	20700
Less : Dividends	(2,000)
Increase in Stockholder 's equity		63700
Stockholder equity, April 30		$63700

Balance Sheet
April 30
Assets
Cash	51800
Accounts receivables	3000
Supplies [80900 -51800 -3000-20000]
Land	20000
Total assets	$80,900
Liabilities
Accounts payable [80900-45000-18700]	$17200
Owner's Equity
contributed capital	45000
retained earnings [20700-2000]	18700
Total liabilities and owner's equity	$80900