Question: Presented below is selected information related to Garryowen Company at

Presented below is selected information related to Garryowen Company at December 31, 2015. Garryowen reports financial information monthly.
Accounts Payable .......... $ 3,000
Cash ................ 9,000
Advertising Expense ........ 6,000
Service Revenue ........... 54,000
Equipment ............ 29,000
Salaries and Wages Expense ..... $16,500
Notes Payable ............ 25,000
Rent Expense ........... 9,800
Accounts Receivable ........ 13,500
Dividends ............ 7,500

(a) Determine the total assets of Garryowen Company at December 31, 2015.
(b) Determine the net income that Garryowen Company reported for December 2015.
(c) Determine the stockholders’ equity of Garryowen Company at December 31, 2015.



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  • CreatedFebruary 17, 2014
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