measure all business activities Economic events can be ident

measure all business activities Economic events can be identified d. with a particular economic body. 32. Monetary unit Use the following to answer questions 33-40 (see the paper version of the question for a better rendering) Income Statement Statement of Stockholders\' Equity #33 Common stock Retained earnings Revenues $369,700 $500,000 #35 Beginning Issuance Net income Dividends $675,300 Salaries Administrative 452,900 Utilities Total expenses 1.196.000 Ending Net income #34 Balance Sheet 245,300 #36 $495.000 67800 $550.000 Quiz H1 Assets Cash A/R Office supplies #37 Prepaid rent 7,500 Equipment 540,000 Building $87,500 $96,300 125,000 Accounts payable Notes payable Total liabilities $474,100 Common stock Retained eamings Total stockholders\' equity #39 Total L and SE Total assets 38 Question 30 0.38 pts

Solution

#39 TOTAL STOCKHOLDER EQUITY =COMMON STOCK + RETAINED EARNING
WE CAN GET THESE AMOUNT FROM ABOVE STATEMENT OF STOCKHOLDER EQUITY CLOSING BALANCE

= 550000 + 495000
=1045000

#40 = TOTAL LAIBILITIES + TOTAL STOCK HOLDER EQUITY
= 474100+ 1045000

=1519100

#38 TOTAL ASSET = TOTAL L AND SE i.e #40
SO

TOTAL ASSET = 1519100

#37 OFFICE SUPPLIES this we can find by deducting other item of asset side from total asset value(#38)

office supplies = total asset - cash - a/r -prepaid rent-equpment-building
=151900 - 96300-125000-7500-540000-750000
=300

#36
ending retained earnings = opening retained earning + net income - dividend
dividend = opening RE -closing RE + net income
=369700-495000+245300
=120000

#35 ending common stock value = opening /begininng + issuance
550000 = 500000 + issuance
issuance = 50000

#34 net income value can get from statement of stockholder equity - retained earning block
i.e = 245300

#33
revenue - expenses = net income
revenue= 245300 + expenses
=245300 + 1196000
=1441300