Please solve sub parts D & E Presented below is a list of financial statement accounts and amounts.A. Identify the nature of each account using the letter A for assets, L for liabilities, SE forshareholders' equity, R for revenue, E for expenses, and NA for not applicable.AccountsAmountA, L, SE, R, E or NA1 Salaries expense$ 43,0002 Common stock47,5003 Accounts receivable55,5004 Dividends paid19,0005 Sales revenue267,0006 Inventory51,5007 Wages payable8 Equipment14,000175,0009 Cost of goods sold104,00010 Rent expense19,00011 Income tax expense30,50012 Cash62,50013 Retained earnings56,500B. Calculate net income for the period.C. How much has been earned by the company's operations but not distributed to shareholders?D. What is the total investment by shareholders?E. How much do customers owe the company?

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Description: Please solve sub parts D & E Presented below is a list of financial statement accounts and amounts.A. Identify the nature of each account using the letter A for assets, L for liabilities, SE forshareholders' equity, R for revenue, E for expenses, and

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Answered: D. What is the total investment by…

Business

Accounting

D. What is the total investment by shareholders? E. How much do customers owe the company?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Concept explainers

Reporting Cash Flows

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.

Balance Sheet

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.

Financial Statements

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.

Owner's Capital

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.

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Question

Please solve sub parts D & E

Presented below is a list of financial statement accounts and amounts.
A. Identify the nature of each account using the letter A for assets, L for liabilities, SE for
shareholders' equity, R for revenue, E for expenses, and NA for not applicable.
Accounts
Amount
A, L, SE, R, E or NA
1 Salaries expense
$ 43,000
2 Common stock
47,500
3 Accounts receivable
55,500
4 Dividends paid
19,000
5 Sales revenue
267,000
6 Inventory
51,500
7 Wages payable
8 Equipment
14,000
175,000
9 Cost of goods sold
104,000
10 Rent expense
19,000
11 Income tax expense
30,500
12 Cash
62,500
13 Retained earnings
56,500
B. Calculate net income for the period.
C. How much has been earned by the company's operations but not distributed to shareholders?
D. What is the total investment by shareholders?
E. How much do customers owe the company?

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