Crawford Enterprises started the 2014 accounting period with $ 75,000 of assets (all cash), $ 15,000 of liabilities, and $ 25,000 of common stock During the year, Crawford earned cash revenues of $ 46,000, paid cash expenses of $ 26,000, and paid a cash dividend to stockholders of $ 5,000 Crawford ...

Crawford Enterprises Accounting Equation Assets Liabilities Stockholders Equity Cash Liabilities Com ...

Crawford Enterprises started the 2014 accounting period with $ 75,000 of assets (all cash), $ 15,000 of

Question:

Crawford Enterprises started the 2014 accounting period with $ 75,000 of assets (all cash), $ 15,000 of liabilities, and $ 25,000 of . During the year, Crawford earned cash revenues of $ 46,000, paid cash expenses of $ 26,000, and paid a cash to stockholders of $ 5,000. Crawford also acquired $ 15,000 of additional cash from the sale of and paid $ 10,000 cash to reduce the liability owed to a bank.

Required
a. Prepare an income statement, statement of changes in stockholders’ equity, period- end balance sheet, and statement of cash flows for the 2014 accounting period.
b. Determine the percentage of total assets that were provided by creditors, investors, and earnings.
c. Determine the balance in the Revenue, Expense, and Dividends accounts as of January 1, 2015.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...