LEKS allatosianment Gradebokalendar MyPie Review On December 31, Gray Company ha

Question

LEKS allatosianment Gradebokalendar MyPie Review On December 31, Gray Company has the following list of account balances $ 25,100 69,900 7,400 11,000 20,900 3,900 5,200 8,200 13,300 4.800 54,300 Equipment 69,300 Service Revenue 12,500Legal Expense 64,900Note Payable, due in two years Accounts Payable Advertising Expense 1,100 Prepaid Rent 100,000 Rent Expense ?| Buildings 111,000 Salaries Expense 52,000Salaries Payable 99,300 11,500 Cash Supplies Supplies Expense Disidends Required: Compute the dollar amount of the total Stockholders' Equity as it would appear on the December 31 balance sh Dollar amount of Total Equty Clea Undo sD Help clear Next >> Explain

Explanation / Answer

Income statement: Sservice revenue 69900 Less: Expense Advertising expense 1100 Legal expense 7400 Rent expense 3900 Salaries expensne 5200 Supplies expense 4800 Net income 47500 Statement of Retained earnnings: Beginning Balance of RE 100000 Add: net income for the year 47500 Less: Dividend paid 11500 Ending Balance of RE 136000 Stockholder's equity: Capital Stock 52000 Retained earnings 136000 Stockholder's equity: 188000

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