1-2, LO 1-3] [The following information applies to the questions displayed below

Question

1-2, LO 1-3] [The following information applies to the questions displayed below. The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc 61,000 38,800 125,900 106,000 138,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Pavable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 152,700 11,700 31,100 18,800 40,000 8,600 15,900 14,300 37,300 169,800 26,700 24,000 Other cash flow informat ion: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers 37,000 42,500 12,600 68,400 102,400 169,000

Explanation / Answer

Retained earnings = Beginning balance + Net income = $14300 + $47100 = $61400

NICE BITE, INC. Income Statement For the Year Ended December 31, 2016 Revenue: Service revenue 169800 Total revenue 169800 Expense: Office expense 15900 Salaries and wages expense 37300 Utilities expense 26700 Interest expense 31100 Income tax expense 11700 Total expense 122700 Net income 47100

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