Question

The Baldwin Company currently has the following balances on their balance sheet: Total Assets $130,692 Total...

The Baldwin Company currently has the following balances on their balance sheet:

Total Assets $130,692

Total Liabilities $57,915

Retained Earnings $62,384

Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year? Select: 1

$33,193
$97,593
$149,023
$305,991
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Answer #1

Answer : Correct option is $33,193

Calculations :

Given total Assets increse by $55,000 , Therefor

Total Assets = Total Liabilities and Equity = 130,692 + 55000

= 185692

Retained Earning Balance Next year = Previous Retained Earning Balance + Net Profit - Dividend Paid

= 62384 + 44200 - 12000

= 94,584

Total Liabilities = 57915

Total Liabilities and Equity = Common Stock Balance + Retained Earning Balance Next year + Total Liabilities

Common Stock Balance = 185692 - 94584 - 57915

= $33,193

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