At December 31st, Year 1, sea the world cruises, inc. assets were $60,000 and liabilities were $40,000. At December 31, Year 2 it's assets are at $110,000 and liabilities are $50,000. During the year, it did not issue new stock, and it declared and paid $100 dividend. Calculate net income for year 2.

Q: On January 1st, one company has total stockholders' equity of $158,000. During the month, it had net…

A: Total stockholders equity = Total Assets - Total Liabilities  Total stockholders equity at year end…

Q: Inc., had owners' equity of $49,850. During the year, net income was $6,150 and the company paid…

A: Owners equity is the amount which belongs to the owners of the business.

Q: On January 1, Year 3, Wayfarer Company's assets were $330,000 and its stockholders' equity was…

A: This question deals with the equation of Total asset = Equity + Liabilities. This is also called…

Q: At the start of the period, ABC Company has total assets of P500,000 and total liabilities of…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: beginning of the year total owner’s equity for a company was P400,000.  During the year, the company…

A: Solution: Ending owner's equity = beginning + issue proceeds + net income - cash dividends = 400000…

Q: Montana Incorporated began the year with a retained earnings balance of $50,000. The company paid a…

A: Ending retained earnings balance = Beginning retained earnings balance - Net loss for the year -…

Q: For the current year,Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the…

A: As per accounting equation, total assets must be equal to total liabilities and total equity. After…

Q: Whistler Company had retained earnings of $456,000 at the end of Year 1. During Year 2, Whistler had…

A: Solution: Dividend is the amount that is distributed to the stockholders by the company. Whenever…

Q: Wildhorse Co. started the year with $64800 in its Common Stock account and a credit balance in…

A: Retained Earnings is the part of Net Income left over for the business after dividend payments to…

Q: At December 31, Year 1, Lord of the Fries, Inc.’s assets were $50,000 and liabilities were $40,000.…

A: Formula No 1 Assets = Liability +  Capital Formula No 2 Closing Capital  = Opening capital  + Net…

Q: Sadat Oman Company started the year with total assets of RO 360,000 and total liabilities of RO…

A: Equity is the total amount attributable to the owners and shareholders.  Total Equity = Total Assets…

Q: At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $37,200…

A: A dividend seems to be a portion of a firm's profits as well as retained earnings that it…

Q: Pickled Peanuts Company had a beginning balance in its retained earnings account of $385,600. During…

A: Ending retained earnings = Beginning retained earnings + Net income - Dividneds

Q: or the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The…

A: The closing entries are prepared to close the temporary accounts of the business. The temporary…

Q: s of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of…

A: Year 1 Year 2 Assets $906,693 $983,394 Less: Liabilities  $277,277 $237,080 Stockholders…

Q: Marilu Company began the year with stockholders' equity of $30,000. During the year, Marilu issued…

A: A Statement of Changes in Equity represents the various changes effected in the equity section of…

Q: The income statement for Delta-tec Inc. for the year ended December 31, Year 2, was as follows:…

A: Trading securities: These are short-term investments in debt and equity securities with an intention…

Q: Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's…

A: Assets = Liabilities + shareholders' equity Accounting equation states that assets equal to sum of…

Q: Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a…

A: Statement of stockholder's equity: This statement reports the beginning stockholder's equity and all…

Q: On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson…

A: Ending Retained earnings balance = Beginning Retained earnings balance + Net Income - Dividend paid

Q: High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200…

A: Closing entries are used to close the temporary accounts. The differences between revenue and…

Q: The assets and liabilities of Skittles Company at March 31, the end of the current year, and its…

A: Note 1: Determine the ending retained earnings: Beginning retained earnings:   $ 56,500…

Q: As of December 31, Year 1, Flowers Company had total assets of $200,000, total liabilities of…

A: The part of the firm's earnings that remains after dividends have been distributed to its…

Q: Company began operation on June 2, 2011. During June, company sold ordinary shares for 458000,…

A: Return earnings at June30,  2011 = Earned revenue - Expenses incurred                           =…

Q: Mazaya Company began the year with equity of R.O.217,000. During the year, Mazaya issued ordinary…

A: Since multiple questions are posted only first will be answered. If any particular question needs to…

Q: Blue Fin started the current year with assets of $714,000, liabilities of $357,000 and common stock…

A: Following formula is used for calculation of retained earnings balance at the beginning of the year:…

Q: As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of…

A: Solution: Stockholders' equity on ecember 31, Year 1 = assets - liabilities  = 950000 - 310000 =…

Q: After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March…

A: Net Income (loss) = Credit of Income summary - Debit of Income summary = RO 302600 - 240400 = RO…

Q: Precision Camera Services started the year with total assets of $120,000 and total liabilities of…

A: Stockholders' equity, also spelled shareholders' or shareholders' equity, is the amount of assets…

Q: At the beginning of its current fiscal year, Willie Corp's balance sheet showed assets of $14,600…

A: Note: In the given case, net assets at the end of the year are equal to ending Retained Earnings…

Q: Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000.…

A: Ending balance of retained earning can be calculated by deducting net loss and dividend paid.

Q: For the current year, Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: At December 31, Year 1, Sea the World Cruises, Inc.’s assets were $50,000 and liabilities were…

A: Net income is considered as Excess of revenue over its expenditure during the course of business…

Q: At the beginning of the year, Grouper Company had total assets of $794,000 and total liabilities of…

A: Stockholders Equity is the total amount attributable to the shareholders of the company. This is…

Q: At December 31, Year 1, Sea the World Cruises, Inc.'s assets were $60,000 and liabilities were…

A: Total Equity at December 31, Year 1 = Assets - Liabilities = $60,000 - 40,000 = $20,000

Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year,…

A: 1. Income Statement - Income statement is statement which shows the revenue earned and expense…

Q: the beginning of its current fiscal year, Willie Corp's balance sheet show uring the year,…

A: Stockholder's Equity       Assets = Liabilities + PIC + RE     Beginning $11,600 =…

Q: On January 1, the balance of the Retained Earnings account was $48,000. The company's Common Stock…

A: Statement of equity is prepared to record the changes in the equity of the entity including the…

Q: At December 31, Year 1, Sea the World Cruises, Inc.’s assets were $70,000 and liabilities were…

A: Net Income: It is the after the of computation of the gross profit. It is the financial report…

Q: On Jan 1, Yag Co. started the year with 492,000 balance in Retained Earnings and 605,000 in Common…

A: Equity comprises of all the sum due to the owner's of the business. So, common stock, retained…

Q: Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's…

A: As per the accounting equation, the sum of assets= sum of liabilities + sum of owner's equity.

Q: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid…

A: Introduction: Retained Earnings: Retained Earnings are share holders funds. Part of profit is…

Q: Florist Grump, Inc., had beginning retained earnings of $148,000. During the year, Florist Grump had…

A: The retained earnings represents the net income retained for the shareholders of the organization.

Q: High Step Shoes had annual revenues of $189,000, expenses of $105,700, and dividends of $19,600…

A: SOLUTION- INCOME STATEMENT-  IT IS A MAJOR FINANCIAL STATEMENT THAT REPORT A COMPANY FINANCIAL…

Q: At January 1, 2010, Leanna Industries reported owner's equity of $130,000. During 2010, LeAnna had a…

A: According to business entity concept organisations and owners are different from one another. Hence…

Q: The total assets and the total liabilities of a Kahn Jazz, Inc., at the beginning and at the end of…

A: The accounting equation states that assets equal to sum of liabilities and owners' equity.

Q: Uno Pizza Store started the year with total assets of $150,000 and total liabilities of $85,000.…

A: 1. Calculate ending retained earnings: