Pregunta
Answor the Questions Bolow using the Following Information: Equipment \( =\$ 80,000 \) Salary Payable \( =\$ 10,000 \) Revenues \( =\$ 90,000 \) Cash \( =\$ 40,000 \) Expenses \( =\$ 30,000 \) Dividends \( =\$ 15,000 \) Note Payable \( =\$ 20,000 \) Compute the Net Income [Choose ] Compute the Ending Retained Earnings [Choose ] Compute Total Liabilities
Ask by Pritchard Cross. in the United States
Feb 22,2025
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Net Income: $60,000
Ending Retained Earnings: $45,000
Total Liabilities: $30,000
Solución
Using the information provided, we can compute the following:
1. Net Income
Net Income = Revenues – Expenses
= $90,000 – $30,000
= $60,000
2. Ending Retained Earnings
Assuming no beginning retained earnings, Ending Retained Earnings = Net Income – Dividends
= $60,000 – $15,000
= $45,000
3. Total Liabilities
Total Liabilities include Salary Payable and Note Payable.
= $10,000 (Salary Payable) + $20,000 (Note Payable)
= $30,000
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Simplifique esta solución Extra Insights
To compute the Net Income, you can use the formula: Net Income = Revenues - Expenses Substituting the numbers: Net Income = \$90,000 - \$30,000 = \$60,000 --- For Ending Retained Earnings, you can use the formula: Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends Assuming the Beginning Retained Earnings is \$0 for simplicity: Ending Retained Earnings = \$0 + \$60,000 - \$15,000 = \$45,000 --- Total Liabilities can be computed by adding all liabilities: Total Liabilities = Salary Payable + Note Payable = \$10,000 + \$20,000 = \$30,000
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