The financial statements of Fairfield Systems Ltd. prepared at the end of the current year contained the following elements and corresponding amounts: • • • = Assets $45,000 Liabilities =? Common Stock = $9,000 Revenue $18,200 = • Dividends $2,000 = • Beginning Retained Earnings = $5,300 Ending Retained Earnings = $9,500 a. Based on this information, what was the amount of expenses reported on Fairfield's income statement for the current year? b. What was the amount of total liabilities reported on the balance sheet as of the end of the current year?

The financial statements of Fairfield Systems Ltd. prepared at the end of the current year contained the following elements and corresponding amounts: • • • = Assets $45,000 Liabilities =? Common Stock = $9,000 Revenue $18,200 = • Dividends $2,000 = • Beginning Retained Earnings = $5,300 Ending Retained Earnings = $9,500 a. Based on this information, what was the amount of expenses reported on Fairfield's income statement for the current year? b. What was the amount of total liabilities reported on the balance sheet as of the end of the current year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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