Question

( i need it typed please )?

Balance Sheet and Net Income Determination At the beginning of 2012, Luxury Parking Services had the following balance sheet:

	Assets		Liabilities
	Cash	$10,440	Accounts Payable	$24,300
	Accounts Receivable	26,460
	Land	108,900	Total Liabilities	24,300
			Stockholders' Equity
			Common Stock	108,000
			Retained Earnings	13,500
			Total Stockholders' Equity	121,500
	Total Assets	$145,800	Total Liabilities and Stockholders' Equity	$145,800

a. At the end of 2012, Luxury Services had the following assets and liabilities:

Cash	$15,840
Accounts Receivable	31,320
Land	108,900
Accounts Payable	17,100

Prepare a year-end balance sheet for Luxury Parking Services that no additional stock was issued.

b. Assume that stockholders did not invest any money in the business during the year but received a dividend of $21,600.

What was the company's net income or net loss for 2012?

a.

Assets		Liabilities & Stockholders' Equity
Current Assets:		Current Liabilities:
______?	____________?	_________?	___________?
		Total Current Liabilities
Total Current Assets
Noncurrent Assets:		Stockholders' Equity:
total noncurrent assets
		total stockholders Equity
Total Assets		Total Liabilities and Stockholders' Equity

b. Net Income (Loss) $______?

Answer 1

a
	Balance Sheet
	December 31,2012
Assets:		Liabilities & Stockholders' Equity
Current Assets:		Current Liabilities:
Cash	15840	Accounts Payable	17100
Accounts Receivable	31320	Total Current Liabilities	17100
Total Current Assets	47160
Noncurrent Assets:		Stockholders' Equity:
Land	108900	Common Stock	108000
Total noncurrent assets	108900	Retained Earnings	30960
		Total Stockholders' Equity	138960
Total Assets	156060	Total Liabilities and Stockholders' Equity	156060
b
Net Income (Loss) = (30960-13500)+21600= $39060
Working:
Retained Earnings =156060-17100-108000 = $30960