Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts rece

Question

Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 91,100 22,900 48,600 91,300 4,100 39,100 81,800 5, 200 217,200 166,900 105,000 116,200 (16,200) (8,700) $306,000 $274,400 $ 14,400 20,200 4,500 2,500 27,200 66,400 8,600 1,400 24,400 28,900 53, 300 3600 216,400 172,100 8,700 $306,000 $274,400 36,300

Explanation / Answer

Retained Earnings Debit Credit Dividend 1200 8700 Beg. Balance 28800 Income Summary 36300 Ending Balance Notes payable Debit Credit Cash Account 37500 66400 Beg. Balance (Repayment) 28900 Ending Balance Hence: Cash dividend paid is $ 1200 And Notees payable repayment made is $ 37500

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