$100,000 $200,000 Expenses Net income $40,000 Retained earnings, January 1 $300,000 Dividends declared $50,000 $70,000 Retained earnings, December 31 $120,000 $310,000 Current assets, December 31
$100,000 $200,000 Expenses Net income $40,000 Retained earnings, January 1 $300,000 Dividends declared $50,000 $70,000 Retained earnings, December 31 $120,000 $310,000 Current assets, December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for each entity in the table below, enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.
| Account | Entity A | Entity B |
| Revenues | $100,000 | $200,000 |
| Expenses |
|
|
| Net income | $40,000 |
|
|
|
$300,000 | |
| Dividends declared | $50,000 | $70,000 |
| Retained earnings, December 31 | $120,000 | $310,000 |
| Current assets, December 31 |
|
$60,000 |
| Noncurrent assets, December 31 | $420,000 |
|
| Total assets, December 31 | $500,000 |
|
| Current liabilities, December 31 |
|
$30,000 |
| Noncurrent liabilities, December 31 | $270,000 |
|
| Total liabilities, December 31 |
|
$140,000 |
| Paid-in capital, December 31 |
|
$520,000 |
| Total shareholders' equity, December 31 | $200,000 |
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