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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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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?
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