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Contributed capital 7000 shares outstanding chapter

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Unformatted text preview: t For the Year Ended December 31, 2009 Total Revenue 126,000 Expenses 80,200 Pretax Income 45,800 Income Tax Ta 13,740 Net Income 32,060 Chapter One Slide 37 Practice Problem Propane Company Statement of Retained Earnings For the Year Ended December 31, 2009 Retained earnings, January 1, 2009 $0 Net income for 2009 Dividends for 2009 12,000 Retained earnings, December 31, 2009 31 2009 Chapter One 32,060 20,060 Slide 38 Practice Problem Propane Company Balance Sheet At December 31, 2009 Cash $22,500 Receivables from Customers (all considered collectible) 10,800 Inventory of merchandise (based on physical count and priced at cost) 81,000 Equipment owned, at cost less used portion Total Asset Accounts payable owed to suppliers Salary payable for 2009 (owed to an employee who was away) Total Liabilities 40,700 155,000 46,140 1,800 47,940 Contributed capital, 7,000 shares outstanding 87,000 Retained Earnings 20,060 Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity Chapter One 107,060 155,000 Slide 39...
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