PART 1- You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-4 below. Long-term liabilities 20,000 Dividends 5,000 Total assets ? Current liabilities 11,000 Revenue 600,000 Common stock 22,000 $ 100,000 25.000 Net income for 2020 Retained Earnings, January 1, 2020

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 17PB: Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings...
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Please answer questions 4 and 5
PART 1- You gathered the following partial information about Company B for the year 2020. Use this
information to answer 1-4 below.
Long-term liabilities
20,000
Dividends
5,000
Total assets
?
Current liabilities
11,000
Revenue
$ 600,000
| Common stock
Net income for 2020
Retained Earnings, January 1, 2020
22,000
$ 100,000
25,000
1. What are expenses for 2020?
2. What is the retained earnings balance as of December 31, 2020?
3. What is total equity on the December 31, 2020, balance sheet?
4. What are total liabilities for 2020?
5. What are total assets for 2020?
Transcribed Image Text:PART 1- You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-4 below. Long-term liabilities 20,000 Dividends 5,000 Total assets ? Current liabilities 11,000 Revenue $ 600,000 | Common stock Net income for 2020 Retained Earnings, January 1, 2020 22,000 $ 100,000 25,000 1. What are expenses for 2020? 2. What is the retained earnings balance as of December 31, 2020? 3. What is total equity on the December 31, 2020, balance sheet? 4. What are total liabilities for 2020? 5. What are total assets for 2020?
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