The accounts in the Adjusted Trial Balance (after any adjusting entries) at the

Question

The accounts in the Adjusted Trial Balance (after any adjusting entries) at the end of 20x7 accounting period for Lord Fairfax Entertainment Co. are listed below in alphabetical order. All accounts have normal balances.

Accounts Payable        $1,000       
Accounts Receivable     7,500       

Capital Stock/Equity     7,500

Cash                               5,000      

Dividends paid                2,500

Fees earned                   7,500       

Supplies (asset)                 600
Supplies Expense             400
Wages Expense             2,000
Wages Payable               2,000

Q: Prepare an Stockholders Equity Statement. The ending balance of Equity after the journal entries is:

Explanation / Answer

Computation of Net income Fees Earned 7500 Less: Supplies Expenses -400 Wages Expense -2000 Net Income 5100 Statement of Stockholders Equity Capital Stock (Beginning) 7500 Add: Net Income 5100 Less: Dividends Paid -2500 Capital Stock (Closing) 10100

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.