Question

The year-end financial statements of Grunewald Company contained the following elements and corresponding amounts. Assets =...

The year-end financial statements of Grunewald Company contained the following elements and corresponding amounts. Assets = $21,600; Common Stock = $5,000; Revenue = $11,500; Dividends = $680; Beginning Retained Earnings = $3,995; Ending Retained Earnings = $6,485.

The amount of liabilities reported on the end-of-period balance sheet was? and

Based on this information, the amount of expenses on Grunewald's income statement was?

  

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Answer #1
Solution:
The amount of liabilities reported on the end-of-period balance sheet = $10,115
Expense = $8,3330
Working Notes:
Assets = Liabilities + Common Stock + Ending Retained Earnings
$21,600 = Liabilities + $5,000 + $6,485
Liabilities = $21,600 - $5,000 -$6,485
Liabilities = $10,115
Beginning retained earnings + Revenue - Expenses - Dividends = Ending retained earnings
$3,995 + $11,500 - Expenses - $680 = $6,485
Expenses = $3,995 + $11,500 -$6,485 - $680 =8,330
Expenses = $8,330
Please feel free to ask if anything about above solution in comment section of the question.
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