Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,700 cash to start the business and received 4,400 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,150; December 31, current year, amounts due from customers from sales of books, $44,500; unused portion of store and office equipment, $76,000; December 31, current year, amounts owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,800. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 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.) × Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 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.) Amount of net income $ 100,350 X < Required 1 Required 2 Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,700 cash to start the business and received 4,400 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank. $69,150; December 31, current year, amounts due from customers from sales of books, $44,500; unused portion of store and office equipment, $76,000; December 31, current year, amounts owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,800. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends Dividends = Ending Retained Earnings] to solve for net income.) *Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the following balance sheet as of the end of the current year. Some information has been given below. COLE VALLEY BOOK STORE Balance Sheet At December 31, Current Year Assets Liabilities Cash Accounts receivable Store and office equipment 69.150 44,500 Accounts payable Note payable S 13.800 3,800 76,000 Interest payable 150 Total liabilities S 17.750 Stockholders' Equity Common stock S 143,400 Retained earnings 28,500 Total stockholders' equity S 171,900 Total assets $ 189,650 Total liabilities and stockholders' equity 189,650 Reguired t Required 2 >

Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,700 cash to start the business and received 4,400 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,150; December 31, current year, amounts due from customers from sales of books, $44,500; unused portion of store and office equipment, $76,000; December 31, current year, amounts owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,800. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 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.) × Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 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.) Amount of net income $ 100,350 X < Required 1 Required 2 Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,700 cash to start the business and received 4,400 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank. $69,150; December 31, current year, amounts due from customers from sales of books, $44,500; unused portion of store and office equipment, $76,000; December 31, current year, amounts owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,800. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends Dividends = Ending Retained Earnings] to solve for net income.) *Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the following balance sheet as of the end of the current year. Some information has been given below. COLE VALLEY BOOK STORE Balance Sheet At December 31, Current Year Assets Liabilities Cash Accounts receivable Store and office equipment 69.150 44,500 Accounts payable Note payable S 13.800 3,800 76,000 Interest payable 150 Total liabilities S 17.750 Stockholders' Equity Common stock S 143,400 Retained earnings 28,500 Total stockholders' equity S 171,900 Total assets $ 189,650 Total liabilities and stockholders' equity 189,650 Reguired t Required 2 >

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.15MCE: Journal Entries Following is a list of transactions entered into during the first month of...

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