Following is balance sheet information for Lynch Services at the end of Year 2 (the most...

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Following is balance sheet information for Lynch Services at the end of Year 2 (the most recent year) and Year 1. December 31,Year 2 December 31,Year 1 Accounts payable $5,400 $8,100 Cash 20.700 18,000 Accounts receivable 37,800 29,700 Land 36,000 36,000 Building 225.000 234,000 Equipment 38,700 40,500 Mortgage payable 81,000 90,000 Supplies 18,000 16,200 Common stock 198,000 198,000 Retained earnings ? ? a. Prepare balance sheets on December 31 of each year. Note: List accounts in balance sheet order. Assets Liabilities Stockholders' equity Lynch Services Balance Sheets Year 2 Year 1 < < < $ $ $ $ $ $ $ $ b. The firm declared and paid a cash dividend of $9,000 in December Year 2. Compute its net income for Year 2. Note: Use a negative sign with your answer to indicate a net loss, if applicable. $ Following is balance sheet information for Lynch Services at the end of Year 2 (the most recent year) and Year 1. December 31,Year 2 December 31,Year 1 Accounts payable $5,400 $8,100 Cash 20.700 18,000 Accounts receivable 37,800 29,700 Land 36,000 36,000 Building 225.000 234,000 Equipment 38,700 40,500 Mortgage payable 81,000 90,000 Supplies 18,000 16,200 Common stock 198,000 198,000 Retained earnings ? ? a. Prepare balance sheets on December 31 of each year. Note: List accounts in balance sheet order. Assets Liabilities Stockholders' equity Lynch Services Balance Sheets Year 2 Year 1 < < < $ $ $ $ $ $ $ $ b. The firm declared and paid a cash dividend of $9,000 in December Year 2. Compute its net income for Year 2. Note: Use a negative sign with your answer to indicate a net loss, if applicable. $

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a Lynch Services Balance Sheets Year 2 Assets Cash 20700 Accounts receivable 37800 Land 36000 Buildi... View the full answer