plete the following balance sheet as of the end of the current year. Some informat N. was the amount of net income for the year? (Hint: Use the retained earnings equ ngs + Net Income - Dividends Ending Retained Earnings] to solve for net incom
plete the following balance sheet as of the end of the current year. Some informat N. was the amount of net income for the year? (Hint: Use the retained earnings equ ngs + Net Income - Dividends Ending Retained Earnings] to solve for net incom
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 51P
Related questions
Question
![Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,600 cash to
start the business and received 5,800 shares of common stock. The store completed its first year of operations on
December 31, current year. On that date, the following financial items for the year were determined: December 31,
current year, cash on hand and in the bank, $70,150; December 31, current year, amounts due from customers from
sales of books, $41,000; unused portion of store and office equipment, $78,000; December 31, current year, amounts
owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,200. No dividends
were declared or paid to the stockholders during the year.
Required:
1. Complete the following balance sheet as of the end of the current year. Some information has been given
below.
2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained
Earnings + Net Income - Dividends Ending Retained Earnings] to solve for net income.)
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Complete the following balance sheet as of the end of the current year. Some information has been given below.
Annato
Total assets
COLE VALLEY BOOK STORE
Balance Sheet
At December 31, Current Year
At December 31, Current Year
Current Year
For the Year Ended December 31, Current Year
$
<
189, 150
Required 1
Lichili4inn
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Required 2 >
$
$
$
143,200
28,770
171,970
189,150](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49278646-2066-444c-a337-31e6ec03c729%2Fff334405-e3b4-42a3-81cc-4f390949456a%2F0odm1pk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,600 cash to
start the business and received 5,800 shares of common stock. The store completed its first year of operations on
December 31, current year. On that date, the following financial items for the year were determined: December 31,
current year, cash on hand and in the bank, $70,150; December 31, current year, amounts due from customers from
sales of books, $41,000; unused portion of store and office equipment, $78,000; December 31, current year, amounts
owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,200. No dividends
were declared or paid to the stockholders during the year.
Required:
1. Complete the following balance sheet as of the end of the current year. Some information has been given
below.
2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained
Earnings + Net Income - Dividends Ending Retained Earnings] to solve for net income.)
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Complete the following balance sheet as of the end of the current year. Some information has been given below.
Annato
Total assets
COLE VALLEY BOOK STORE
Balance Sheet
At December 31, Current Year
At December 31, Current Year
Current Year
For the Year Ended December 31, Current Year
$
<
189, 150
Required 1
Lichili4inn
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Required 2 >
$
$
$
143,200
28,770
171,970
189,150
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