Chapter 1 - P4 exercise

Chapter 1 - P4 exercise - $20,900 Chapter 1, P 4 Collegiate...

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Rojas Company Balance Sheet December 30, 20xx Assets Liabilities Cash $25,000 Accounts Payable $50,000 Accounts Receivable $62,500 Supplies $12,500 Equipment $50,000 Building $112,500 Stockholder's Equity Common Stock $125,000 Retained Earnings $87,500 Total stockholders' equity $212,500 Total assets $262,500 Total liabilities and stockholders' equity $262,500
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Collegiate Painters, Inc. Balance Sheet September 30, 20x7 Assets Liabilities Cash $2,600 Accounts Payable $10,500 Accounts Receivable 13,200 Income Taxes Payable 3,000 Supplies 400 Salaries Payable 700 Equipment 4,700 $14,200 Stockholders' Equity Common Stock $2,000 Retained Earnings 4,700 Total stockholders' equity $6,700 Ttoal assets $20,900 Total liabilities and stockholders' equity
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Unformatted text preview: $20,900 Chapter 1, P 4 Collegiate Painters, Inc. Income Statement For the Year Ended September 30, 20x7 Revenues Painting Service Revenue $78,800 Expenses Equipment Rental Expense $1,300 Marketing Expense 1,500 Salaries Expense 56,000 Supplies Expense 4,100 Truck Rent Expense 7,200 Total expenses 70,100 Income before Income taxes $8,700 Income taxes expense 3,000 Net income after taxes $5,700 Collegiate Painters, Inc. Satement of Retained Earnings For the Year Ending September 30, 20x7 Retained earnings, September 30,20x6 $0.00 Net income for the year 5,700 Subtotal $5,700 Less dividends 1,000 Retained earnings, September 30, 20x7 $4,700...
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Chapter 1 - P4 exercise - $20,900 Chapter 1, P 4 Collegiate...

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