Hi, Please assist in determining the missing information: Preparing a Balance Sh

Question

Hi,

Please assist in determining the missing information:

Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions

At the beginning of 2015, Barth Company reported the following balance sheet.

Required
a. At the end of 2015, Barth Company reported the following assets and liabilities: Cash, $8,800; Accounts Receivable, $18,400; Equipment, $9,000; Land, $50,000; and Accounts Payable, $7,500. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.)

(please assist to find the empty fields)

b. Assuming that Barth did not issue any common stock during the year but paid $12,000 cash in dividends, what was its net income or net loss for 2015?

c. Assuming that Barth issued an additional $13,500 common stock early in the year but paid $21,000 cash in dividends before the end of the year, what was its net income or net loss for 2015?

Assets Liabilities Cash $4,800 Accounts Payable $12,000 Accounts Receivable 14,700 Equity Equipment 10,000 Common Stock 47,500 Land 50,000 Retained Earnings 20,000 Total Assets $79,500 Total Liabilities and Equity $79,500 BARTH COMPANY Balance Sheet Decemer 31, 2015 Assets Liabilities Cash Accounts Payable 8,800 7,500 Accounts Receivable 8,400 Equipment 9,000 Equity Land 0,000 Stockholders' Equity+ Total Assets $ 86,200 Total Liabilities and Equity $

Explanation / Answer

a. year-end balance sheet

Note:- Total liability and equity = total liability + common stock + [beginning Retained Earnings+net income]

86200 = $7,500 + 47,500 + [beginning retained earnings + net income]

  beginning retained earnings + net income = 31200

20000 + net income = 31200

net income = 11200

b. Beginning retained earnings = 20,000

add: net income = 23200

less: dividend = 12000

ending retained earnings = 31200

net income for 2015 = $23200

c. Beginning retained earnings = 20,000

add: net income = 32200

less: dividend = 21000

ending retained earnings = 31200

net income for 2015 = $32200

Assets Liabilities Cash 8800 Accounts Payable 7500 Accounts Receivable 18400 Equipment 9000 Land 50000 Equity Common Stock 47,500 Retained Earnings [20,000+11200] 31200 Total assets 86200 Total liability and equity 86200

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