uestion 1 0 out of 0.1 points At the end of last year, Ceasars Corp reported the
ID: 2508952 • Letter: U
Question
uestion 1 0 out of 0.1 points At the end of last year, Ceasars Corp reported the following items on its balance sheet Accounts Payable $100,000 Accounts Receivable $75,000 Buildings $217,000 Cash $156,000 Contributed Capital $48,000 Equipment $31,000 Land $41,000 Note Payable (long-term) $117,000 Retained Earnings $XX Review Te submission Pre-Quiz 7-Speng ?18 -ACCY- Supplies $162,000 Unearned Revenue $15,000 Create T-accounts for all of the balance sheet accounts and the additional accounts: Service Revenue, Rent Revenue, Wages Expense and Utilities Expense. Enter beginning balances. Record the current year's transactions from the list below and answer the question that follows. a. Ordered merchandise inventory worth $173,000. b. Received $29,000 from customers who purchased goods on account last year c. Issued additional shares of common stock and received $4,000 d. Received $421,000 for services performed. e. Rented cleaning equipment to an employee, received $100 in payment. f. Paid $64,000 owed to suppliers. g. Recieved the merchandise ordered on credit (transaction a h. Received $14,000 from customers for services to be performed early next year. i. Paid $5,000 in utility bills, $4,000 remains unpaid. L. Paid $319,000 in wages to employees. . Declared and paid $49,000 in dividends to common stockholders How much is total stockholders' equity at the end of this year? (Be sure to include the $ in your answer.) Selected Answer:$104000 Correct Answer: 498,100 0 (S)Explanation / Answer
Beginning asset : 75000+217000+156000+31000+41000+162000=682000
Beginning liability :100000+117000+15000=232000
Stockholders equity at beginning =Asset -liability
= 682000-232000
= 450000
2)
Equity a end : Beginning +change during the year
= 450000+48100
= $ 498100
Increase /(Decrease) In stockholders equity during the year c +4000 d +421000 (retained earning) e +100 i (9000) [5000+4000] j (319000) k (49000) Total change 48100Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.