Question: I am having trouble completing this. I think that I have most of it correctly but I don't know how to find the revenue part.

I am having trouble completing this. I think that I have most of it correctly but I don't know how to find the revenue part. Are my answers correct? Thanks.

I am having trouble completing this. I think that I have most

The following table shows the transactions experienced by J G Gutter Works (JGGW), during Year 7. Assume all transactions shown in the accounting equation are cash transactions. Required a. Calculate the missing amounts in the following table. (Enter any decreases to account balances with a minus sign.) b. Is there sufficient cash available to repay the debt on January 1, Year 8. c. Based on the information in the Required a, what is the maximum cash dividend JGGW could pay on January 1, Year 8? Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the missing amounts in the following table. (Enter any decreases to account balances with a minus sign.) Assets Cash + 40,000+ 88,000 + Acct. Title/RE Beg. Bal. Event No. 1 Land = 90,000 = NA = Stockholders' Equity Com. Retained Stock Earnings 55,000 + 25,000 88,000 + NA NA + NA + (57,000) NA + . Liabilities Notes Payable 50.000 + NA + NA + NA + NA + NA + (10.000) + 40,000 + NA Revenue 3. Expenses Dividend (57,000) + (14,000) + (50,000) + (10,000) + 77,000+ NA = 1 NA = 50,000/= NA = 140,000 = Totals 123.000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!