3 points Based on the following information, what is the total equity at the end

Question

3 points   

Based on the following information, what is the total equity at the end of 2013?  The following is selected financial information for Osmond Dental Laboratories for 2012 and 2013:

Retained earnings January 1 2012 = $53,000

Net income 2012 = $37,000; 2013 = $42,000

Dividends declared and paid 2012 = $15,000; 2013 = $18,000

Capital stock issued 2012 = $70,000; 2013 = $20,000

Total assets 2012 = $276,000; 2013 = $320,000

3 points   

3 points   

3 points   

3 points   

On year end December 31, Flint Hills received a utility bill for December electricity usage of $190 that will be paid in the following January. Which of the following is the correct adjusting entry at year end?

                            
           $110,000                             
           $60,000                             
           $107,000                             
           $57,000                             
           $61,000                             
           $66,000

Explanation / Answer

quetion 3)

Net Income = 200000 - 70000 - 15000 - 2000 - 6000/2 = 110000*(1-.40) = 66000

question 5

Debit supplies expense $330; Credit supplies $330

question 6

Debit prepaid insurance $125; Credit insurance expense $125

question 7

Debit salary expense $960; credit salaries payable $960

question 8

Debit utility expense $190, Credit accounts payable $190

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