Question

The following information is provided for Guci Corporation before closing entries. Cash $ 12,000 Supplies 4,500...

The following information is provided for Guci Corporation before closing entries.

Cash $ 12,000
Supplies 4,500
Prepaid rent 2,000
Salaries expense 4,500
Equipment 65,000
Service revenue 30,000
Miscellaneous expenses 20,000
Dividends 3,000
Accounts payable 5,000
Common stock 68,000
Retained earnings 8,000

What is the amount of total shareholders’ equity?

Multiple Choice

  • $5,000.

  • $83,500.

  • $68,500.

  • $78,500.

Homework Answers

Answer #1

Correct answer----------$78,500.

Working

Income statement
Service revenue $      30,000.00
Less: expenses
Salaries expense $        4,500.00
Miscellaneous expenses $      20,000.00
Total expense $      24,500.00
Net income $        5,500.00

.

Retained earnings beginning balance $        8,000.00
Add: Net income $        5,500.00
Less: Dividends $      (3,000.00)
Retained earnings Ending balance $      10,500.00
Add: Common stock $      68,000.00
Total Stockholder's equity $      78,500.00
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