Question

Judith Industries Financial Statements indicate the following: Total Assets = $400,000 Total Liabilities = $160,000 Total...

Judith Industries Financial Statements indicate the following:

Total Assets = $400,000

Total Liabilities = $160,000

Total Equity = $?

Common Stock = $200,000

Dividends = $20,000

Revenue = $?

Expenses = $80,000

Required: Determine (A) Total Equity and (B) Revenue

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

(A) Computation of Total Equity:

As we know that:

Total Assets = Total Liabilities + Total Equity

$400,000 = $160,000 + Total Equity

Therefore, Total equity = $400,000 - $160,000 = $240,000

(B) Computation of Revenue:

As we know that:

Total Equity = Common stock + Retained Earnings

$240,000 = $200,000 + Retained Earnings

Therefore, retained earnings = $40,000

Retained Earnings = Profits - Dividends

$40,000 = Profit - $20,000

Therefore, Profit = $60,000

As we know that:

Profits = Revenue - Expenses

$60,000 = Revenue - $80,000

Therefore, Revenue = $140,000

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following selected data were taken from the financial statements of the Winter Group for the...
The following selected data were taken from the financial statements of the Winter Group for the three most recent years of operations: Dec. 31, Year 3 Dec. 31, Year 2 Dec. 31, Year 1 Total assets $3,000,000     $2,700,000     $2,400,000     Notes payable (10% interest) 1,000,000     1,000,000     1,000,000     Common stock 400,000     400,000     400,000     Preferred $6 stock, $100 par 200,000     200,000     200,000     Retained earnings 1,126,000     896,000     600,000     The Year 3 net income was $242,000 and the Year 2 net income was $308,000. No...
which of the following financial statements reports that total assets are equal to total liabilities plus...
which of the following financial statements reports that total assets are equal to total liabilities plus total owner's equity? a.balance sheet b.statement of owner's equity c.statement of cash flowd.income statement
The 2017 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2017 Sales $ 400,000...
The 2017 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2017 Sales $ 400,000 Costs 250,000 EBIT $ 150,000 Interest expense 30,000 Taxable income $ 120,000 Taxes (at 35%) 42,000 Net income $ 78,000 Dividends $ 39,000 Addition to retained earnings 39,000 BALANCE SHEET, YEAR-END, 2017 Assets Liabilities Current assets Current liabilities Cash $ 9,000 Accounts payable $ 16,000 Accounts receivable 14,000 Total current liabilities $ 16,000 Inventories 27,000 Long-term debt 300,000 Total current assets $ 50,000 Stockholders’...
The financial statements of Elcamino Company appear below: ELCAMINO COMPANY Comparative Balance Sheet December 31, ________________________________________________________...
The financial statements of Elcamino Company appear below: ELCAMINO COMPANY Comparative Balance Sheet December 31, ________________________________________________________ Assets                                                                                                        2017 2016    Cash ..................................................................................................    $ 25,000................................................................................................ $ 40,000 Debt investments ..............................................................................       20,000 60,000 Accounts receivable (net) .................................................................       50,000 30,000 Inventory ...........................................................................................       140,000 170,000 Property, plant and equipment (net) .................................................        170,000.............................................................................................. 200,000       Total assets ................................................................................       $405,000 $500,000 Liabilities and stockholders' equity Accounts payable .............................................................................    $ 25,000................................................................................................ $ 30,000 Short-term notes payable .................................................................       40,000...
     The following table shows Toshiba's financial statements Assets: Amount Cash and marketable securities $400,000 Accounts...
     The following table shows Toshiba's financial statements Assets: Amount Cash and marketable securities $400,000 Accounts receivable 1,415,000 Inventories    1,847,500 Prepaid expenses 24,000 Total current assets 3,686,500 Fixed assets        2,800,000 Less: accum. depr. (1,087,500) Net fixed assets 1,712,500 Total assets $5,399,000 Liabilities: Accounts payable $600,000 Notes payable   875,000 Accrued taxes 92,000 Total current liabilities $1,567,000 Long-term debt 900,000 Common Stock (100,000 shares) 700,000 Retained Earnings 2,232,000 Total liabilities and owner's equity $5,399,000 Net sales (all credit) $6,375,000 Less: Cost of...
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for...
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) $ 5,000,000 Liabilities: Current liabilities $ 400,000 Mortgage note payable, 5%, ten-year note issued two years ago 3,600,000 Total liabilities $4,000,000 Stockholders' equity: Preferred $1 stock, $10 par (no change during year) $1,000,000 Common stock, $5 par (no change during year) 2,000,000 Retained earnings: Balance, beginning of year...
PLEASE ANSWER THE WHOLE QUESTION Seven metrics The following data were taken from the financial statements...
PLEASE ANSWER THE WHOLE QUESTION Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) $ 5,000,000 Liabilities: Current liabilities $ 400,000 Mortgage note payable, 5%, ten-year note issued two years ago 3,600,000 Total liabilities $4,000,000 Stockholders' equity: Preferred $1 stock, $10 par (no change during year) $1,000,000 Common stock, $5 par (no change during year) 2,000,000 Retained...
fill in the missing values on these financial statements: December 31, 2015: Assets $50,000 Liabilities [a]...
fill in the missing values on these financial statements: December 31, 2015: Assets $50,000 Liabilities [a] Equity 30,000 December 31, 2016: Assets [b] Liabilities 8,000 Equity 38,000 During 2016: Total Revenues [c] Total Expenses 250,000
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets =...
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $38,000; Liabilities = ?; Common Stock = $6,800; Revenue = $14,600; Dividends = $1,650; Beginning Retained Earnings = $4,650; Ending Retained Earnings = $8,800. Based on this information, the amount of expenses on Calloway's income statement was
Financial statements for AAR Company appear below: AAR Company Balance Sheet December 31 Current assets:    ...
Financial statements for AAR Company appear below: AAR Company Balance Sheet December 31 Current assets:     Cash and marketable securities $21,000     Accounts receivable, net 160,000     Inventory 300,000     Prepaid expenses          9,000       Total current assets 490,000 Noncurrent assets:     Plant & equipment, net      810,000 Total assets $1,300,000 Current liabilities:     Accounts payable $75,000     Accrued liabilities 25,000     Notes payable, short term      100,000        Total current liabilities 200,000 Noncurrent liabilities:     Bonds payable      300,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT