Question

Here is selected information from the 12/31/X7 Trial Balance and Balance Sheet for Tang Services, Inc.:...

Here is selected information from the 12/31/X7 Trial Balance and Balance Sheet for Tang Services, Inc.:

Unadjusted Balances  

From Adjusted Trial Balance

Cash

$10,500

$10,500

Accounts receivable

6,000

6,450

Prepaid rent

1,700

1,370

Accounts payable

6,800

6,800

Common stock

12,000

12,000

Retained earnings

5,600

??             

Service revenue

6,700

Rent expense

800

Dividends

500

For this question only, assume that net income had totaled $6,000 for the year ended 12/31/x7. What amount of total stockholders' equity would appear on the 12/31/x7 balance sheet?

  

$23,100

  

$11,100

  

$17,100

  

$17,600

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Stockholder's equity $ $
Common Stock               12,000
Beginning balance of retained earnings                 5,600
Add: Net income during the period                 6,000
Less: Dividends                  (500)
Ending balance of retained earnings               11,100
Total stockholder's equity on 12/31/X7               23,100
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
Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $120,400 2....
Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $120,400 2. Accounts Receivable 158,800 3. Accumulated Depreciation—Equipment 203,300 4. Allowance for Doubtful Accounts 20,200 5. Bonds Payable 485,500 6. Cash 147,300 7. Common Stock 50,800 8. Equipment 870,750 9. Prepaid Insurance 30,300 10. Interest Expense 11,100 11. Inventory 283,700 12. Notes Payable (due 6/1/21) 186,300 13. Prepaid Rent 243,000 14. Retained Earnings 836,200 15. Salaries and Wages Expense 303,400 (All of the above accounts have...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $42,770 Accounts Receivable 116,900 Cash ? Common Stock 15,000 Dividends 24,000 Fees Earned 745,230 Insurance Expense 3,600 Land 50,000 Miscellaneous Expense 9,500 Notes Payable 50,000 Prepaid Insurance 21,600 Rent Expense 48,000 Retained Earnings 60,000 Supplies 4,275 Supplies Expense 6,255 Unearned...
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current...
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 133,200 Expenses Cost of goods sold 54,000 Depreciation expense 18,000 Salaries expense 30,000 Rent expense 10,200 Insurance expense 5,000 Interest expense 4,800 Utilities expense 4,000 Net income $ 7,200    LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,800...
The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed...
The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed for the year-end adjustments follow. (Round all results to the nearest whole dollar amount.) Accrued salary expense at December 31, $780. Duck Ponds, Inc. Trial Balance December 31, 20XX Account Title Debit Credit Cash $19,300 Accounts receivable 47,630 Allowance for doubtful accounts 250 Prepaid rent 1,680 Supplies 6,800 Investments 113,520 Furniture 15,350 Accumulated depreciation-furniture 12,800 Equipment 44,600 Accumulated depreciation-equipment 1,830 Building 89,900 Accumulated depreciation-building...
The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted...
The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted Trial Balance Year Ended December 31, 2017                                                                               Accounts                                                                      Debit                     Credit Cash                                                                         $    8,000 Accounts Receivable                                                 16,000 Supplies                                                                          6,000 Prepaid Insurance                                                         8,000 Computer Equipment                                               210,000 Accum. Depreciation—Computer Equipment                                     $ 25,000 Accounts Payable                                                                                        20,000 Note Payable                                                                                                71,000 Salaries Payable                                                                                            3,000 J. Yan, Capital                                                                                            109,000 J. Yan, Withdrawals                                                   12,000 DVD Rental Revenue                                                                               133,000 Advertising Expense                                                  26,000 Depreciation Expense                                                12,000 Rent Expense                                                              19,000 Salaries Expense                                                       ...
Below is the trial balance of Manhattan Realtors Inc. for the period ended 12/31/16. Cash                       ...
Below is the trial balance of Manhattan Realtors Inc. for the period ended 12/31/16. Cash                        5,030,000 Rent Receivable                           150,000 Prepaid Expense                           250,000 Prepaid Insurance                           565,000 Building                     15,525,000 Unearned Revenue                         (526,000) Accounts Payable                         (246,000) Accrued Expenses                         (200,000) Additional Paid-in Capital                   (14,000,000) Retained Earnings                     (3,925,000) Rental Revenue                     (5,000,000) Salaries                        1,152,000 Utilities Expenses                           300,000 Property Taxes                           425,000 Depreciations                           350,000 Other Expenses                           150,000 Prepare the Balance Sheet based...
The adjusted Trial balance of GaLochka Co as of December 31, 2018, is presented below. GaLochka...
The adjusted Trial balance of GaLochka Co as of December 31, 2018, is presented below. GaLochka Co Adjusted Trial Balance December 31, 2018 Cash 37,944 Accounts Receivable 13,840 Prepaid Rent 4,560 Equipment 36,100 Accumulated Depreciation – Equipment 9,790 Notes Payable 11,400 Accounts Payable 8,944 Interest Payable 166 Share Capital – Ordinary 40,000 Retained Earnings 22,620 Dividends 6,000 Service Revenue 25,180 Salaries and Wages Expense 13,680 Rent Expense 5,520 Depreciation Expense 290 Interest Expense 166 TOTAL 118,100 118,100 Instructions: 1. Prepare...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 45,600   Expenses:        Cost of Goods Sold 19,500        Depreciation Expense 1,700        Salaries and Wages Expense 8,700        Rent Expense 4,200        Insurance Expense 1,750        Interest Expense 1,650        Utilities Expense 1,250   Net Income $ 6,850 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 575     $ 610       Inventory 860     705       Accounts Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 42,600   Expenses:        Cost of Goods Sold 18,000        Depreciation Expense 1,400        Salaries and Wages Expense 8,400        Rent Expense 3,900        Insurance Expense 1,600        Interest Expense 1,500        Utilities Expense 1,100   Net Income $ 6,700 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 565     $ 590       Inventory 830     690       Accounts Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 42,600   Expenses:        Cost of Goods Sold 18,000        Depreciation Expense 1,400        Salaries and Wages Expense 8,400        Rent Expense 3,900        Insurance Expense 1,600        Interest Expense 1,500        Utilities Expense 1,100   Net Income $ 6,700 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 565     $ 590       Inventory 830     690       Accounts Payable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT