Question1 Presented below is selected information related to Blue Spruce Corp. a

Question

Question1 Presented below is selected information related to Blue Spruce Corp. at December 31, 2019. Accounts Payable Cash Advertising Expense Service Revenue Equipment 4,260 Salaries and Wages Expense 12,780 Notes Payable 8,520 Rent Expense 76,680 Accounts Receivable 41,180 Dividends $23,430 35,500 13,916 19,170 10,650 Determine the total assets of Blue Spruce Corp. at December 31, 2019. orp. $ Determine the net income that Blue Spruce Corp. reported for December 2019. Net income of Blue Spruce Corp. s Determine the stockholders' equity of Blue Spruce Corp. at December 31, 2019. Stockholders' equity of Blue Spruce Corp. $

Explanation / Answer

Answer:

Total Assets = Cash + Equipment + Accounts Receivable = 12780 + 41180 + 19170 = 73130

Net Income = Service Revenue - Advertising expense - Salaries and Wages expense - Rent expense

                 = 76680 - 8520 - 23430 - 13916 = 30814

Stockholders Equity = Total Assets - Accounts Payable - Notes Payable - Dividends

                              = 73130 - 4260 - 35500 - 10650 = 22720

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