Iman and Kelsey own a construction business called I&K Custom Contractors. I&K has total stockholders' equity of
Question:
Iman and Kelsey own a construction business called I&K Custom Contractors. I&K has total stockholders' equity of $90,305. The business also has total assets of $145,120. I&K has only two liabilities in the liabilities section of its balance sheet: Accounts Payable and Notes Payable. The balance sheet shows Notes Payable of $34,524. I&K Contractors will pay this note back 5 years from now.
What is the total amount of short term liabilities shown on the I&K balance sheet?
Yana owns a small business selling e-sports accessories. Her balance sheet at the end of last year showed retained earnings of $11,230. The following facts relate to Yana's activities this year.
- Yana declared and paid a dividend of $1,020.
- Yana issued 40 new shares of stock. Investors paid $30 per share.
- Yana earned net income of $31,739
What dollar value of retained earnings should Yana report on her balance sheet at the end of this year?
Expert Answer:
The total amount of shortterm liabilities shown on the IK balance sheet can be calculated by subtrac... View the full answer
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
