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Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prlor to dosing) of J&T Corporation: Cash $40,000 Accounts Receivable 44,000 Supplies 1,000 Equipment 800,000 Accumulated depreciation 90,000 Accounts payable Notes payable 25,000 200,000 Common stock 300,000 Retained earnings 250,000 Dividends 50,000 Service revenue 352,000 Salaries expense 200,000 Supplies expense 2,000 Rent expense 25,000 Depreciation expense 30,000 Miscellaneous expense 25,000 20. $ Determine total expenses for the year 21. $ Determine net income for the year 22. $ Determine ending retained earnings for the year 23. $ Determine ending total stockholders' equity for the year 24. $ Determine total Current Assets at the end of the year 25. $ Determine Total Assets at the end of the year 26. Should Common stock be closed at year end?

Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prlor to dosing) of J&T Corporation: Cash $40,000 Accounts Receivable 44,000 Supplies 1,000 Equipment 800,000 Accumulated depreciation 90,000 Accounts payable Notes payable 25,000 200,000 Common stock 300,000 Retained earnings 250,000 Dividends 50,000 Service revenue 352,000 Salaries expense 200,000 Supplies expense 2,000 Rent expense 25,000 Depreciation expense 30,000 Miscellaneous expense 25,000 20. $ Determine total expenses for the year 21. $ Determine net income for the year 22. $ Determine ending retained earnings for the year 23. $ Determine ending total stockholders' equity for the year 24. $ Determine total Current Assets at the end of the year 25. $ Determine Total Assets at the end of the year 26. Should Common stock be closed at year end?

FINANCIAL ACCOUNTING
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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Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prlor to dosing) of J&T Corporation: Cash $40,000 Accounts Receivable 44,000 Supplies 1,000 Equipment Accumulated depreciation Accounts payable 800,000 90,000 25,000 Notes payable 200,000 Common stock 300,000 Retained earnings 250,000 Dividends 50,000 Service revenue 352,000 Salaries expense 200,000 Supplies expense 2,000 Rent expense 25,000 Depreciation expense 30,000 Miscellaneous expense 25,000 20. $ Determine total expenses for the year 21. $ Determine net income for the year 22. $ Determine ending retained earnings for the year 23. $ Determine ending total stockholders' equity for the year 24. $ Determine total Current Assets at the end of the year 25. $ Determine Total Assets at the end of the year 26. Should Common stock be closed at year end?
Transcribed Image Text:Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prlor to dosing) of J&T Corporation: Cash $40,000 Accounts Receivable 44,000 Supplies 1,000 Equipment Accumulated depreciation Accounts payable 800,000 90,000 25,000 Notes payable 200,000 Common stock 300,000 Retained earnings 250,000 Dividends 50,000 Service revenue 352,000 Salaries expense 200,000 Supplies expense 2,000 Rent expense 25,000 Depreciation expense 30,000 Miscellaneous expense 25,000 20. $ Determine total expenses for the year 21. $ Determine net income for the year 22. $ Determine ending retained earnings for the year 23. $ Determine ending total stockholders' equity for the year 24. $ Determine total Current Assets at the end of the year 25. $ Determine Total Assets at the end of the year 26. Should Common stock be closed at year end?
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Total asset is a sum of current assets and non-current assets. Current assets include cash, account receivable or supplies, etc. Non-current assets include investment, equipment, building, etc.

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