Use the following to answer questions 15 19 TIM Property Man

Use the following to answer questions 15 -19 TIM Property Management had the following account balances at the end of December: Accounts Balances BRE aIS,000 R 698,100NI 334,300 Beginning Retained eamings Land/Building Utilities expense E 52,100 Dividends or SE 45,000 $215 ,000 NT8343 ERE 000 Cash 62,000 Salaries expense E 412,000 Common stock SE 300,000 Office supplies A 300 Service revenue R 698,400 Accounts payable L 42,800 300:43800 RE

Solution

Net income = 698400-52100-412000= 234300 Ending retained earnings = 215000+234300-45000= 404300 Liabilities and stockholders\' equity = 42800+300000+404300= 747100 Land/Building = 747100-62000-300= 684800