httpsedugen wileypl CLOSE Answer Problem 15A Part Level Subm

https//edugen wileypl CLOSE Answer Problem 1-5A (Part Level Submission) Determine the missing amounts. (Hint: For example, to solve for (a), Assets-Liabilities January 1, 2019 Stockholders\' Equity = $28,000.) Michelangelo $168,000 Assets Liabilities Stockholders\' equity $84,000 $123,200 56,000 84,000 000 (a) 67,200 50,400 112,000 December 31, 2019 106,400 (b) 61,600 44,800 246,400 (k) 89,600 156,800 Assets 153,440 224,000 Liabilities 84,000 equity Stockholders\' equity changes in year 145,600 Additional investment 16,800 11,200 392,000 369,600 11,200 15,680 482,720 (1) 16,800 11,200 560,000 520,800 (1) Dividends 53,760 (f) 470,400 431,200 383,040

Solution

Soluton 5A:

a. Stock holder\'s equity = Assets - Liabilities = $84,000 - $56,000 = $28,000

b. Assets = Liabilities + Stock holder\'s equity = $61,600 + $44,800 = $106,400

c. stock holder equity = Opening balance + additional investment + Profit - Dividend

$44,800 = $28,000 + Additional Investment + ($392,000 - $369,600) - $11,200

Additional Investment = $5,600

d. Liabilities = Assets - Stock holder\'s equity = $123,200 - $67,200 = $56,000

e. Stock holder\'s equity = Assets - Liabilities = $153,440 - $84,000 = $69,440

f. stock holder equity = Opening balance + additional investment + Profit - Dividend

$69,440 = $67,200 + $16,800 + ($470,400 - $431,200) - Dividend

Dividend= $53,760

g. Assets = Liabilities + Stock holder\'s equity = $84,000 + $50,400 = $134,400

h. Liabilities = Assets - Stock holder\'s equity = $224,000 - $145,600 = $78,400

i. stock holder equity = Opening balance + additional investment + Profit - Dividend

$145,600 = $50,400 + $11,200 + (Revenue - $383,040) - $15,680

Revenue = $482,720

j. Liabilities = Assets - Stock holder\'s equity = $168,000 - $112,000 = $56,000

k. Assets = Liabilities + Stock holder\'s equity = $156,800 + $89,600 = $246,400

l. stock holder equity = Opening balance + additional investment + Profit - Dividend

$156,800 = $112,000 + $16,800 + ($560,000 - Expenses) - $11,200

Expenses = $520,800

Soluton 5B:

Sheridan Company - Retained Earning Statement
Particulars	Amount
Opening Balance	$   22,400.00
Add: Profits ($470,400 - $431,200)	$   39,200.00
Less: Dividend Paid	$ (53,760.00)
Closing balance	$      7,840.00