Question

Jack Gregoire Jack Gregoire​, an​ attorney, has a law​ corporation, Jack Gregoire Jack Gregoire​, ​Attorney, Inc.,...

Jack Gregoire Jack Gregoire​, an​ attorney, has a law​ corporation, Jack Gregoire Jack Gregoire​, ​Attorney, Inc., that began the year with total assets of $ 135 comma 000 $135,000​, total liabilities of $ 74 comma 000 $74,000​, and​ stockholders' equity of $ 61 comma 000 $61,000. During the​ year, Jack Gregoire Jack Gregoire​, ​Attorney, Inc., earned revenue of $ 95 comma 000 $95,000 and paid expenses of $ 32 comma 000 $32,000. Jack Gregoire Jack Gregoire​, ​Attorney, Inc., also sold an additional $ 22 comma 000 $22,000 of stock and paid $ 18 comma 000 $18,000 in dividends. How much is the​ stockholders' equity in Jack Gregoire Jack Gregoire​, ​Attorney, Inc., at​ year's end?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Beginning stockholder's equity = $61,000

Revenue earned during the year = $95,000

Expenses paid during the year = $32,000

Additional stock sold = $22,000

Dividend paid during the year = $18,000

Ending stockholder's equity = Beginning stockholder's equity + Additional stock sold + Revenue earned during the year - Expenses paid during the year - Dividend paid during the year

= 61,000 + 22,000 + 95,000 - 32,000 - 18,000

= $128,000

Ending stockholder's equity = $128,000

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
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: Accepted $19,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. Performed legal services for cash of $69,000. Purchased $1,150 of office supplies on account. Paid $1,035 of the amount due on accounts payable. Paid a cash dividend to the stockholders of $5,200. Paid cash for operating expenses of $18,000. Determined that at the...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $660,000. HAMES INC. Balance Sheets December 31, 2020 and 2019 2020 2019 Assets Cash $ 25,000 $ 19,000 Accounts receivable 78,000 72,000 Merchandise inventory 103,000 99,000 Total current assets $ 206,000 $ 190,000 Land 50,000 40,000 Plant and equipment 125,000 110,000 Less: Accumulated depreciation (65,000 ) (60,000 ) Total assets $ 316,000 $ 280,000 Liabilities...
Splish Brothers Inc. began the year with $151200 in its Common Stock account and a debit...
Splish Brothers Inc. began the year with $151200 in its Common Stock account and a debit balance in Retained Earnings of $64800. During the year, the company earned net income of $32400 and declared and paid $10800 of dividends. In addition, the company sold additional common stock amounting to $39600. Based on this information, what should the transaction analysis show for the ending total of all stockholders' equity accounts? $298800 $147600 $198000 $277200
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear...
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 700,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company’s common stock...
Sailors Incorporation. a freight forwarder, a well-established company. The owner of the company Jack is interested...
Sailors Incorporation. a freight forwarder, a well-established company. The owner of the company Jack is interested in drawing certain figures regarding the performance of the company. The following accounts and their balances were extracted of the Sailors Inc., a freight forwarder, at December 31, 2009 the end of current fiscal year: Rs. 4% cumulative preferred stock, Rs.100 par value 10, 00,000 Paid in capital in excess of par (preferred stock) 1, 80,000 Common stock Rs.10 par 6, 75,000 Paid in...
GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020   Revenues:      Service revenue (clinic,...
GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020   Revenues:      Service revenue (clinic, racing, TEAM) $535,000      Sales revenue (MU watches) 110,000         Total revenues $645,000   Expenses:      Cost of goods sold (MU watches) 66,000      Operating expenses 303,876      Depreciation expense 46,000      Interest expense 29,324      Income tax expense 54,600                  Total expenses 499,800   Net income $145,200 Assets   Current assets:      Cash $ 298,404 $ 134,000    164,404    (I)      Accounts receivable 39,000 31,000    8,000    (I)      Inventory 16,400 13,600    2,800...
ABC Inc. has acquired GHW Corporation for $13.2 million. One year after acquisition, GHW had sales...
ABC Inc. has acquired GHW Corporation for $13.2 million. One year after acquisition, GHW had sales of $9 million, a gross margin of $3.5 million, net income of $1.2 million, and total assets of $24 million.. Assume no issuance or buybacks of stock after the acquisition. a. What is ABC’s ROI on its investment in GHW after one year? b. If GHW paid $200,000 in dividends near the end of its first year of acquisition, what is the stockholders’ equity...
Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC...
Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC Balance Sheet as of December 31, 2015 and 2014 (in millions of dollars) 2015       2014           2015       2014 Assets                           Liabilities and Equity                   Current assets:                           Current liabilities:                   Cash and marketable securities   $   45       $   36       Accrued wages and taxes   $  ...
1. Morris Corporation began operations on January 1, 2021. The firm was authorized to issue 600,000...
1. Morris Corporation began operations on January 1, 2021. The firm was authorized to issue 600,000 shares of $1 par common stock. During 2021, Morris had the following transactions relating to shareholders’ equity: January 1, issued 8,000 shares of common stock at $9 per share July 9, issued 18,000 shares of common stock at $10 per share Net income for the year was $110,000. Dividends paid was $30,000. Treasury shares purchased: 6,000 shares at $11 each (these shares were part...
Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC...
Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC Balance Sheet as of December 31, 2015 and 2014 (in millions of dollars) 2015 2014 2015 2014   Assets   Liabilities and Equity   Current assets:   Current liabilities:      Cash and marketable securities $ 44 $ 42      Accrued wages and taxes $ 28 $ 30      Accounts receivable 36 36      Accounts payable 32 36      Inventory 153 63      Notes payable 36 42         Total $ 233 $ 141         Total $ 96...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT