acct 201 case page 6 Page 6 ACCT 201 Case Fall 2017 financial statements Questio

Question

acct 201 case page 6 Page 6 ACCT 201 Case Fall 2017 financial statements Question 6: Determine the missing amounts in the following f Big Data Company Income Statement ANSWERS: For the Month Ended January 31, 2017 $122,000 Fees Earnecd Wages Expense Rent Expense Utilities Expense 8,000 Operating Expenses Total Operating Expenses b. Net Income Big Data Company Retained Earnings Statement For the Month Ended January 31, 2017 $28,000 Retained Earnings, January1 Add Net Income for January Less Dividends Retained Earnings, January 31 c. (19.000 d. Big Data Company Balance Sheet January 31, 2017 Assets Cash Land $37,800 60300 Total Assets Liabilities Accounts payable Stockholders' Equity Common Stock Retained Earnings $22,500 9- Total Stockholders Equity Total Liabilities & Stockholders Equity

Explanation / Answer

Income statement Answers Fees earned 122000 Wages expense 45000 rent expense 8000 Utilities expense 13000 13000 (73000-45000-8000-7000) operating expense Misc. Expense 7000 Total operating expense -73000 Net income 49000 49000 (122000-73000) Retained earnings statement Retained earnings Jan 1 28000 Add net income for jan 49000 49000 (122000-73000) Less dividends -19000 Retained earnings jan 31 58000 58000 Balance sheet Assets Cash 37800 Land 60300 Total assets 98100 98100 (37800+60300) Liabilities Accounts payable 22500 Shareholders equity Common stock 17600 17600 (75600-58000) Retained earnings 58000 58000 Total stockholders equity 75600 75600 (98100-22500) Total liabilities and stockholders equity 98100 98100

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