Napolean Corporation started business on January 1, 2016. The following information was compiled by Napolean’s accountant on December 31, 2016:Sales Revenue $6,000 Equipment, net $4,500Expenses 3,600 Building, net 12,000Dividends 900 Accounts Payable 1,200Cash 450 Notes Payable 9,900Accounts Receivable 750 Common Stock 6,000Inventory 900 Retained Earnings ? NAPOLEAN CORPORATIONStatement of Stockholders' EquityFor Year Ended December 31, 2016CommonStockRetainedarningsTotalBalance, January 1, 2016Add: Net Income for 20162,4002,400Add: Issuance of Common Stock6,0006,000(900)7,5006,000Less: Dividends paid(enter as a negative)(900)(900)Balance, December 31, 20165,100 $7,500

As a first step, the net income earned during the year shall be computed by deducting the expenses…

Answered: NAPOLEAN CORPORATION Statement of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Napolean Corporation started business on January 1, 2016. The following information was compiled by Napolean’s accountant on December 31, 2016:

Sales Revenue $6,000 Equipment, net $4,500
Expenses 3,600 Building, net 12,000
Dividends 900 Accounts Payable 1,200
Cash 450 Notes Payable 9,900
Accounts Receivable 750 Common Stock 6,000
Inventory 900 Retained Earnings ?

NAPOLEAN CORPORATION
Statement of Stockholders' Equity
For Year Ended December 31, 2016
Common
Stock
Retained
arnings
Total
Balance, January 1, 2016
Add: Net Income for 2016
2,400
2,400
Add: Issuance of Common Stock
6,000
6,000
(900)
7,500
6,000
Less: Dividends paid
(enter as a negative)
(900)
(900)
Balance, December 31, 2016
5,100 $
7,500

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