Presented below is selected information related to Narrow Gage Company at Decemb

Question

Presented below is selected information related to Narrow  Gage Company at December 31, 2014. Narrow Gage reports financial information  monthly.

Accounts Payable $ 4,469 Salaries and Wages Expense $24,577 Cash 13,406 Notes Payable 37,238 Advertising Expense 8,937
Rent Expense 14,597 Service Revenue 80,433 Accounts Receivable 20,108 Equipment 43,196 Dividends 11,171 Presented below is selected information related to Narrow  Gage Company at December 31, 2014. Narrow Gage reports financial information  monthly.

Accounts Payable $ 4,469 Salaries and Wages Expense $24,577 Cash 13,406 Notes Payable 37,238 Advertising Expense 8,937
Rent Expense 14,597 Service Revenue 80,433 Accounts Receivable 20,108 Equipment 43,196 Dividends 11,171 Determine the stockholders Presented below is selected information related to Narrow  Gage Company at December 31, 2014. Narrow Gage reports financial information  monthly.

Accounts Payable $ 4,469 Salaries and Wages Expense $24,577 Cash 13,406 Notes Payable 37,238 Advertising Expense 8,937
Rent Expense 14,597 Service Revenue 80,433 Accounts Receivable 20,108 Equipment 43,196 Dividends 11,171 Presented below is selected information related to Narrow Gage Company at December 31, 2014. Narrow Gage reports financial information monthly. Determine the total assets of Narrow Gage Company at December 31, 2014. Determine the net income that Narrow Gage Company reported for December 2014. Determine the stockholders' equity of Narrow Gage Company at December 31, 2014.

Explanation / Answer

Cash, Equipment, and Accounts receivable are assets. Total assets on Dec 31, 2014 is $76,710

Net income is revenue minus expenses.

Service Revenue 80,433

- Advertising Exp 8,937

-Wages Exp 24,577

-Rent Exp 14,597

= Net Income 32, 322

Stockholders Equity is net income less dividends. So SE= $21,151

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