Reader Company had the beginning accounts receivable balance was $40,000 and the

Question

Reader Company had the beginning accounts receivable balance was $40,000 and the ending accounts receivable balance was $140,000. Reader collected $700,000 from customers during the period. What were the credit sales during the period? At October 1, Bennington Enterprises reported Stockholder's Equity of $35,000. During October, no additional investments were made and the company earned net income of $4,000. If Stockholders' Equity at October 31 totals $32,000, what amount of dividends were paid during the month? Lyman Company had the beginning balance of accumulated depreciation $3,000 and the ending balance $2,000 for year 2006. During the year Lyman sold a property with cost $11,000 and book value $6,000 for $7,000 cash. Depreciation expense for the year was:

Explanation / Answer

Q2 is correctly answered by you Q3 Statement showing computations Particulars Amount Opening Stockholders Equity                35,000.00 Net Income                  4,000.00 Total stockholder equity before dividend                39,000.00 Ending stockholder equity after dividend                32,000.00 Dividend                  7,000.00 Q4 Statement showing computations Particulars Amount Opening Accumulated Depreciation                  3,000.00 Less : Accumulated dep on Equip Sold(11000-6000)                  5,000.00 Less Closing Accumulated Depreciation                  2,000.00 Depreciation Expense = 5000 + 2000 -3000                  4,000.00

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