Question

Use the following account balance information to compute TOTAL STOCKHOLDERS’ EQUITY as of the END of...

Use the following account balance information to compute TOTAL STOCKHOLDERS’ EQUITY as of the END of the year.

Salary Expense $18,000

Unearned Service Revenue 4,700

Paid-in Capital 2,000

Cash 800

Service Revenue 20,000

Rent Expense 6,400

Retained Earnings (beginning) 1,500

Prepaid Rent Expense 3,000

ANSWERS

Negative $2,400

Negative $4,400

Negative $900

Positive $3,500

Negative $2,900

Business   Accounting   
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Homework Answers

Answer #1
Income Statement
Service revenue 20,000
Expenses:
Salary expense -18,000
Rent expense -6,400
Net Loss -$4,400

Retained earnings ending = Retained earnings beginning - Net Loss

= 1,500-4,400

= -$2,900

Total stockholders equity at the end of the year = Paid in capital + Retained earnings, ending

= 2,000-2,900

= -$900

Third option is correct option.

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