Business, 12.10.2021 14:00, AldecuaF10

Completing a Balance Sheet and Inferring Net Income Carlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $80,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2014. On that date, the following financial items for the year were determined: December 31, 2014, cash on hand and in the bank, $75,600; December 31, 2014, amounts
due from customers from sales of books, $39,000; unused portion of store and office equipment, $73,000; December 31, 2014, amounts owed to publishers for books purchased, $12,000; one-year note payable to a local bank for $3,000. No dividends were declared or paid to the stockholders during the year.
Required:
1. Complete the following balance sheet as of the end of 2014.
2. What was the amount of net income for the year? ( Hint: Use the retained earnings equation [ Beginning
Retained Earnings + Net Income - Dividends = Ending Retained Earnings] to solve for net income.)

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 04:30, lizdeleon248

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.

Answers: 1

continue

Business, 22.06.2019 10:50, hsjsjsjdjjd

Suppose that a firm is considering moving from a batch process to an assembly-line process to better meet evolving market needs. what concerns might the following functions have about this proposed process change: marketing, finance, human resources, accounting, and information systems?

Answers: 2

continue

Business, 22.06.2019 11:00, ADKREBS

How did the contribution of the goods producing sector to gdp growth change between 2010 and 2011 a. it fell by 0.3%. b. it fell by 2.3%. c. it rose by 2.3%. d. it rose by 0.6%. the answer is b

Answers: 1

continue

Business, 22.06.2019 11:40, ayoismeisalex

In each of the following, what happens to the unemployment rate? does the unemployment rate give an accurate impression of what’s happening in the labor market? a. esther lost her job and begins looking for a new one. b.sam, a steelworker who has been out of work since his mill closed last year, becomes discouraged and gives up looking for work. c.dan, the sole earner in his family of 5, just lost his $90,000 job as a research scientist. immediately, he takes a part-time job at starbucks until he can find another job in his field.

Answers: 2

continue

Do you know the correct answer?

Completing a Balance Sheet and Inferring Net Income Carlos Ramirez and Camila Garza organized New...