Question

Following is balance sheet information for Lynch Services at the end of 2014 and 2015. December...

Following is balance sheet information for Lynch Services at the end of 2014 and 2015.

December 31,
2015		 December 31,
2014
Accounts Payable $3,000 $4,500
Cash 11,500 10,000
Accounts Receivable 21,000 16,500
Land 20,000 20,000
Building 125,000 130,000
Equipment 21,500 22,500
Mortgage Payable 45,000 50,000
Supplies 10,000 9,000
Common Stock 110,000 110,000
Retained Earnings ? ?

a. Prepare balance sheets at December 31 of each year.

LYNCH SERVICES
BALANCE SHEETS
December 31
2015 2014
Assets
LandCommon StockAccounts PayableCash
Accounts Receivable
Supplies
LandCommon StockAccounts PayableCash
Building
Equipment
Total Assets
Liabilities
LandCommon StockAccounts PayableCash
Mortgage Payable
Total Liabilities
Stockholders' Equity
LandCommon StockAccounts PayableCash
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity

b. The firm declared and paid a cash dividend of $5,000 in December 2015. Compute its net income for 2015.

$Answer

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