For questions #6-18, refer to the following financial information for Gannon Ins

Question

For questions #6-18, refer to the following financial information for Gannon Insurance. ALL CALCULATIONS MUST BE slow N TO EARN POSITV E RATING, PLEASE SHOW ALL WORKING CLEARLY. THANK YOUt 2016 BALANCE SHEETSI Assets: 120,000 Accounts Receivable 620,000 Fixed Assets, net Total Assets 305,000 410,000 1,355,000 1,580,000 Liabilities and Equity Accounts Payable Long-term Debt Common Stock Retained Earnings Total Liabilities and Equity 350,000 500,000 50,000 $375,000 625,000 1,355,000 1,580,000 INCOME STATEMENT 3,500,000 2,275,000 515,000 120,000 Cost of Goods Sold General and Administrative Depreciation Expense Earnings Before Interest and Taxes Interest Expense Pretax Net Income Income Taxes 40,000 167,000 383,000 Net Incom 8. What was Gannon's shareholders' equity at book value at the end of 2017?

Explanation / Answer

8)Shareholders equity at end of 2017 =common stock+ Retained earning

   = 75000 +505000

     = $ 580000

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

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