Homework Answers
Calculation of Common Stock for Ulrich Company on December 31, 2017:
Total Assets = Total Liabilities + Stockholder’s Equity (Balance Sheet Equation)
Total Assets = Accounts Receivable + Land + Cash + Revenues - Expenses
= $750 + $600 + $2,800 + $5,400 - $4000 = $5,550
Total Liabilities = Accounts Payable
= $500
Stockholder’s Equity = Common Stock + Retained Earnings + Net Income
= Common Stock + Retained Earnings + Revenues – Expenses
= Common Stock + $2,600 + $5,400 – $4,000
= Common Stock + $4,000
Thus,
$5,550 = $500 + Common Stock + $4,000
Common Stock = $1,050 (Option B)
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