Please show all work (3.5 pts) Links between the financial statements: Below are financial statements for Not...
Please show all work
- (3.5 pts) Links between the financial statements: Below are financial statements for Not So Strong, Inc. at the end of 2018, with a few pieces missing:
|
Not So Strong, Inc. Income Statement |
|
|
Service Revenues |
$56,350 |
|
Expenses: |
|
|
Utilities |
$800 |
|
Wages |
$22,100 |
|
Rent |
$18,000 |
|
NET INCOME |
(a) |
|
Not So Strong, Inc. Statement of Stockholders’ Equity |
|||
|
Common Stock (CS) |
Retained Earnings |
Total Stockholders’ Equity |
|
|
Beginning Balance: |
(c) |
$13,720 |
$17,720 |
|
CS Issuances |
$6,000 |
$6,000 |
|
|
Add: Net Income |
(a) |
(a) |
|
|
Less: Dividends |
(b) |
(b) |
|
|
Ending Balance |
(d) |
(e) |
$36,170 |
|
Not So Strong, Inc. Balance Sheet |
|
|
Assets: |
|
|
Cash |
(f) |
|
A/R |
$23,490 |
|
Supplies |
$2,580 |
|
TOTAL ASSETS: |
(g) |
|
Liabilities: |
|
|
Accounts Payable |
(h) |
|
Wages Payable |
$2,320 |
|
Total Liabilities |
(i) |
|
Stockholders’ Equity: |
|
|
Common Stock |
(d) |
|
Retained Earnings |
(e) |
|
Total Stockholders’ Equity |
$36,170 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY: |
$61,150 |
Calculate the missing amounts:
- = ______________ (f) = ________________
- = ______________ (g) = ________________
- = ______________ (h) = ________________
- = ______________ (i) = ________________
- = ______________
Homework Answers
|
Not So Strong, Inc. Income Statement |
|
|
Service Revenues |
$56,350 |
|
Expenses: |
|
|
Utilities |
$800 |
|
Wages |
$22,100 |
|
Rent |
$18,000 |
|
NET INCOME |
(a)15450 |
|
Not So Strong, Inc. Statement of Stockholders’ Equity |
|||
|
Common Stock (CS) |
Retained Earnings |
Total Stockholders’ Equity |
|
|
Beginning Balance: |
(c)4000 |
$13,720 |
$17,720 |
|
CS Issuances |
$6,000 |
$6,000 |
|
|
Add: Net Income |
(a)15450 |
(a)15450 |
|
|
Less: Dividends |
(b)3000 |
(b)3000 |
|
|
Ending Balance |
(d)10000 |
(e)26170 |
$36,170 |
|
Not So Strong, Inc. Balance Sheet |
|
|
Assets: |
|
|
Cash |
(f)35080 |
|
A/R |
$23,490 |
|
Supplies |
$2,580 |
|
TOTAL ASSETS: |
(g)61150 |
|
Liabilities: |
|
|
Accounts Payable |
(h)22660 |
|
Wages Payable |
$2,320 |
|
Total Liabilities |
(i)24980 |
|
Stockholders’ Equity: |
|
|
Common Stock |
(d)10000 |
|
Retained Earnings |
(e)26170 |
|
Total Stockholders’ Equity |
$36,170 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY: |
$61,150 |
Working notes:
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