3 points Based on the following information, what is the total equity at the end
ID: 2376787 • Letter: 3
Question
Based on the following information, what is the total equity at the end of 2013? The following is selected financial information for Osmond Dental Laboratories for 2012 and 2013:
Retained earnings January 1 2012 = $53,000
Net income 2012 = $37,000; 2013 = $42,000
Dividends declared and paid 2012 = $15,000; 2013 = $18,000
Capital stock issued 2012 = $70,000; 2013 = $20,000
Total assets 2012 = $276,000; 2013 = $320,000
On year end December 31, Flint Hills received a utility bill for December electricity usage of $190 that will be paid in the following January. Which of the following is the correct adjusting entry at year end?
$110,000
$60,000
$107,000
$57,000
$61,000
$66,000
Explanation / Answer
QUESTION 3)
Net Income = 200000 - 70000 - 15000 - 2000 - 6000/2 = 110000*(1-.40) = 66000
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QUESTION 5
Debit supplies expense $330; Credit supplies $330
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QUESTION 6
Debit prepaid insurance $125; Credit insurance expense $125
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QUESTION 7
Debit salary expense $960; credit salaries payable $960
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QUESTION 8
Debit utility expense $190, Credit accounts payable $190
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