Income taxes payable 855 b Determine Nikes accounting equation by calculating

Income taxes payable 855 b determine nikes accounting

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Income taxes payable 855 b)Determine Nike’s accounting equation by calculating the value of total assets, total liabilities,and total stockholders’ equity. (hint: Assets = Liabilities + Stockholders’ Equity). (4pts) Total Assets = 14419 Total Liabilities = 4881 Total Stockholders’ Equity = 9538 Accounting equation Stated: 5146+2898+2403+2040+1932= 14,419 446+362+3000+218+855= 4,881 3443+6095= 9,538 4,881+9,538=14,419 Exercise 2 (10 PTS) : Income statement (single-step) preparation. BUA 201_Spring 2016_Assignment #1 2
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The following items were taken from Ricardo Inc.s’ 2014 income statement and balance sheet.Cash $ 84,700 Inventory $ 64,618Retained earnings (ending) 123,192 Accounts receivable 88,419Cost of goods sold 483,854 Sales revenue 693,485Salaries and wages expense 125,000 Income taxes payable 6,499Prepaid insurance 7,818 Accounts payable 49,384Service revenue 8,998Interest expense 994Instructionsa)After analyzing the data, prepare an income statement for the year ending December 31, 2014. Please, use the template provided below. (8 PTS) b)Using the information from both the balance sheet and the income statement, determine the figure for beginning retained earnings. Assume that dividend payments equal $5,000 for the year 2014.(2 PTS) 3
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