income statement
Part 2: Calculate the retained earnings balance, and answer the following questions
1. What is the time period covered by the statement?
2. How does this differ from the income statement?
3. What is the total equity?
4. What it total revenue?
5. What is total assets?
6. What is the balance (amount) of retained earnings?
7. What is total liabilities?
8. Can the company purchase an additional automobile for $20,000?
Part 1: Unscramble (un-jumble) the balance sheet below
|
Balance Sheet |
|
|
Retained Earnings |
$
|
|
Accounts Payable |
$ 3,300 |
|
Cash |
$ 19,900 |
|
Tandy’s Uber Service |
|
|
Common Stock |
$ 8,000 |
|
Accounts Receivable |
$ 2,800 |
|
Notes Payable |
$ 30,350 |
|
December 31, 2019
|
|
|
Automobile Supplies |
$ 1,200 |
|
Automobiles |
$ 38,000 |
Part 2: Calculate the retained earnings balance, and answer the following questions
1. What is the time period covered by the statement? 01.01.2019-12.31.2019
2. How does this differ from the income statement? The income statement provided the revenues, expenses, and net income (profit).
3. What is the total equity?
4. What it total revenue?
5. What is total assets?
6. What is the balance (amount) of retained earnings?
7. What is total liabilities?
8. Can the company purchase an additional automobile for $20,000?