Total Current Assets in 2016 = $20,000 Net Fixed Assets in 2016 = $150,000 Total Current Liabilities in 2016 = $10,000 Net Income in 2016 = $10,000 Common dividends in 2016 = $2,000 Retained earnings in Balance Sheet 2015 = $20,000 Common Stock in 2015 = $70,000 There is no other items in the stock owners section in the balance sheets of 2015 and 2016. There is no issuance of equity in 2016. 1. What is the amount for Total Assets in 2016? A 2. What is amount for Total Liabilities + Equity for 2016? A 3. What is the addition to retained earnings in 2016? A 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A 5. What is the amount for Common Stock in the Balance Sheet in 2016? A 6. What is the amount for Total Common Equity in the Balance Sheet for 2016? A 7. What is the amount for Long-Term Liabilities (Long-term debt + Other long-term liabilities) in the Balance Sheet in 2016?
Total Current Assets in 2016 = $20,000 Net Fixed Assets in 2016 = $150,000 Total Current Liabilities in 2016 = $10,000 Net Income in 2016 = $10,000 Common dividends in 2016 = $2,000 Retained earnings in Balance Sheet 2015 = $20,000 Common Stock in 2015 = $70,000 There is no other items in the stock owners section in the balance sheets of 2015 and 2016. There is no issuance of equity in 2016. 1. What is the amount for Total Assets in 2016? A 2. What is amount for Total Liabilities + Equity for 2016? A 3. What is the addition to retained earnings in 2016? A 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A 5. What is the amount for Common Stock in the Balance Sheet in 2016? A 6. What is the amount for Total Common Equity in the Balance Sheet for 2016? A 7. What is the amount for Long-Term Liabilities (Long-term debt + Other long-term liabilities) in the Balance Sheet in 2016?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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finance help please
Transcribed Image Text:Total Current Assets in 2016 = $20,000
Net Fixed Assets in 2016 = $150,000
Total Current Liabilities in 2016 = $10,000
Net Income in 2016 = $10,000
Common dividends in 2016 = $2,000
Retained earnings in Balance Sheet 2015 = $20,000
Common Stock in 2015
$70,000
=
There is no other items in the stock owners section in the balance sheets of 2015
and 2016. There is no issuance of equity in 2016.
1. What is the amount for Total Assets in 2016?
A
2. What is amount for Total Liabilities + Equity for 2016?
A/
3. What is the addition to retained earnings in 2016?
A
4. What is the amount for Retained Earnings in the Balance
Sheet in 2016?
A 5. What is the amount for Common Stock in
the Balance Sheet in 2016?
A 6. What is the amount for Total
Common Equity in the Balance Sheet for 2016?
A 7. What is
the amount for Long-Term Liabilities (Long-term debt + Other long-term liabilities) in
the Balance Sheet in 2016?
A/
Expert Solution
Step 1
This question can be done from accounting concept.
In this question principles of GAAP is used.
Total Assets :— It is the sum of all current assets, non current assets, other assets.
Total liabilities :— It is the sum of all current liabilities, non current liabilities, other liabilities.
Shareholder’s Equity :— It is the total assets minus total liabilities.
Ending balance of shareholder’s equity
= Beginning balance of stockholder’s equity + Net income — Net loss — Withdrawals — Dividends
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