|Post University | Onine and O OneLogin flow/conneh Unit 1 - Chapter 1 Homework

Question

|Post University | Onine and O OneLogin flow/conneh Unit 1 - Chapter 1 Homework Assignm... Saved Help Save& Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 3 Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance. (b) that net income is properly calculated. (d what coused changes in the retained earnings account, and (o) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) 10 points $20, 2e0 Assets

Explanation / Answer

(a) Balance sheet Assets = Liabilities + Stockholders' Equity 20,200= 14,750+5,450 (b) Net income Net Income = Revenue – Expenses 2,300 = 12,500-10,200 (c ) Retained earnings Ending RE = Beginning RE + Net Income – Dividends 6,800 = 5,500+2,300-1,000 (d) Cash Account Ending Cash = Beginning Cash + CF from Operating Activities + CF from Investing Activities + CF from Financing Activities Missing = 3,000+3,600+(3,000)+(1,900) Ending cash is 1,700 As ending cash is missing in the question, it should be $1,700. Please agree the same from the question

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