PART 1- You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-4 below. Long-term liabilities 20,000 Dividends 5,000 Total assets ? Current liabilities 11,000 Revenue 600,000 Common stock 22,000 $ 100,000 25.000 Net income for 2020 Retained Earnings, January 1, 2020

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Please answer questions 4 and 5
PART 1- You gathered the following partial information about Company B for the year 2020. Use this
information to answer 1-4 below.
Long-term liabilities
20,000
Dividends
5,000
Total assets
?
Current liabilities
11,000
Revenue
$ 600,000
| Common stock
Net income for 2020
Retained Earnings, January 1, 2020
22,000
$ 100,000
25,000
1. What are expenses for 2020?
2. What is the retained earnings balance as of December 31, 2020?
3. What is total equity on the December 31, 2020, balance sheet?
4. What are total liabilities for 2020?
5. What are total assets for 2020?
Transcribed Image Text:PART 1- You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-4 below. Long-term liabilities 20,000 Dividends 5,000 Total assets ? Current liabilities 11,000 Revenue $ 600,000 | Common stock Net income for 2020 Retained Earnings, January 1, 2020 22,000 $ 100,000 25,000 1. What are expenses for 2020? 2. What is the retained earnings balance as of December 31, 2020? 3. What is total equity on the December 31, 2020, balance sheet? 4. What are total liabilities for 2020? 5. What are total assets for 2020?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education