Accounting lab take home quiz #1

Accounting lab take home quiz #1 - D. Calculate total...

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A. Calculate net income. Sales revenue $200,000 Misc. expense (50,000) Rent expense (15,000) Salaries expense (12,000) Net income $123,000 B. Calculate ending retained earnings. Beginning RE $ 0 Net income 123,000 Dividends (10,000) Ending RE $ 113,000 C. Calculate total assets. Cash $ 34,000 Equipment 90,000 Land 20,000 Total Assets $144,000
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Unformatted text preview: D. Calculate total liabilities. Notes Payable $25,000 Total Liabilities $25,000 E. Calculate total owners equity. Capital stock $ 6,000 Retained Earnings (ending) 113,000 Total Owners Equity $119,000 **NOTICE Assets = Liabilities + Owners Equity (144,000 = 25,000 + 119,000)...
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This test prep was uploaded on 03/20/2008 for the course ACC 200 taught by Professor Buckless during the Spring '08 term at N.C. State.

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