Be. 190
Use the following information to calculate for the year ended December 31, 2022 (a) net income (net loss), (b) ending retained earnings, and (c) total assets.
Supplies $ 1,000 Service revenue $18,000
Other operating expenses 12,000 Cash 15,000
Accounts payable 9,000 Dividends 1,000
Accounts receivable 3,000 Notes payable 1,000
Common stock 9,000 Equipment 13,000
Retained earnings (beginning) 5,000
Ans: N/A, LO: 3, Bloom: AP, Difficulty: Medium, Min: 5, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: Problem Solving, IMA: Reporting
Solution 190
(a) $6,000 (b) $10,000 (c) $32,000
(Ser. rev. – Oper. exp.) (Beg. ret. earn. + Net inc. – dividends) (Sup. + Acc. rec. + Cash + Equip.)
Be. 191
Listed below in alphabetical order are the balance sheet items of Nolan Company at December 31, 2022. Prepare a balance sheet and include a complete heading.
Accounts payable $ 11,000
Accounts receivable 15,000
Buildings 65,000