The law firm had the following account balances at the end of december... the AC

Question

The law firm had the following account balances at the end of december... the ACCOUNTS are cash 21,000, salaries expense 243.875, accounts payable 13,375, retained earnings 62,500, utilities expense 10, 125, office supplies 1,425, service revenue 330,125, common stock 62,500, dividends 45,000, equipment ?... question 1. calculate the total expenses for the year? question 2. calculate the net income for the year. question 3. calculate the beginning balance in retain =ed earnings. question 4. what is the balance in stockholders equity on 12/31. question 5. what is the balance of the equipment account?

Explanation / Answer

a) total expense = 243.87 + 10125 = $10368.875 b) net income = 21000+62500+330125 = $413625

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