Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions At the beginning of 2015, Barth Company reported the following balance sheet. Liabilities Assets Cash Accounts Receivable Equipment Land Total Assets $2,400 Accounts Payable 7,350 5,000 Common Stock 23,750 25,000 Retained Earnings 10,000 $39,750 Total Liabilities and Equity $39,750 Equipment Land Required a. At the end of 2015, Barth Company reported the following assets and liabilities: Cash, $4,400; Accounts Receivable, $9,200; Equipment, $4,500; Land, $25,000; and Accounts Payable, $3,750. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.) Assets + ÷ $ Equity + $ $6,000 BARTH COMPANY Balance Sheet December 31, 2015 Liabilities. Equity + $ $ b. Assuming that Barth did not issue any common stock during the year but paid $6,000 cash in dividends, what was its net income or net loss for 2015?

Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions At the beginning of 2015, Barth Company reported the following balance sheet. Liabilities Assets Cash Accounts Receivable Equipment Land Total Assets $2,400 Accounts Payable 7,350 5,000 Common Stock 23,750 25,000 Retained Earnings 10,000 $39,750 Total Liabilities and Equity $39,750 Equipment Land Required a. At the end of 2015, Barth Company reported the following assets and liabilities: Cash, $4,400; Accounts Receivable, $9,200; Equipment, $4,500; Land, $25,000; and Accounts Payable, $3,750. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.) Assets + ÷ $ Equity + $ $6,000 BARTH COMPANY Balance Sheet December 31, 2015 Liabilities. Equity + $ $ b. Assuming that Barth did not issue any common stock during the year but paid $6,000 cash in dividends, what was its net income or net loss for 2015?

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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