Lolich Company reports the following balances in its accounts (listed alphabetically) after all transactions have been...

 

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Lolich Company reports the following balances in its accounts (listed alphabetically) after all transactions have been recorded during 2019. Account Title (1) Accounts Payable (2) Accounts Receivable (3) Common Stock (4) Cash (5) Dividends (6) Equipment (7) Insurance Expense (8) Land (9) Prepaid Insurance. (10) Subscriptions Revenue (11) Retained Earnings (beginning balance on 1/1/19). (22) Unearned Subscriptions Revenue. 2. Net Income (Loss) reported on the Income Statement. 89-3( *** 129 - 3 Balan ce $10 11 150 143 3 124 83 21 40 Required: Calculate the following dollar amounts that would be reported on the financial statements of Lolich Company prepared on December 31, 2019. List the account titles and dollar amounts used in your calculation in the blank space provided beneath each category (you can use the numbers in parenthesis rather than listing the name of account). Put your answer in the box provided. Hint: not all accounts will be used in answering the parts below. 1. Total Assets reported on the Balance Sheet. 19 82 71 7 Answer $ 456 3. Ending Retained Earnings reported on the Statement of Stockholders' Equity. 58 471 $ $ Answer 58 Answer 124 5 Lolich Company reports the following balances in its accounts (listed alphabetically) after all transactions have been recorded during 2019. Account Title (1) Accounts Payable (2) Accounts Receivable (3) Common Stock (4) Cash (5) Dividends (6) Equipment (7) Insurance Expense (8) Land (9) Prepaid Insurance. (10) Subscriptions Revenue (11) Retained Earnings (beginning balance on 1/1/19). (22) Unearned Subscriptions Revenue. 2. Net Income (Loss) reported on the Income Statement. 89-3( *** 129 - 3 Balan ce $10 11 150 143 3 124 83 21 40 Required: Calculate the following dollar amounts that would be reported on the financial statements of Lolich Company prepared on December 31, 2019. List the account titles and dollar amounts used in your calculation in the blank space provided beneath each category (you can use the numbers in parenthesis rather than listing the name of account). Put your answer in the box provided. Hint: not all accounts will be used in answering the parts below. 1. Total Assets reported on the Balance Sheet. 19 82 71 7 Answer $ 456 3. Ending Retained Earnings reported on the Statement of Stockholders' Equity. 58 471 $ $ Answer 58 Answer 124 5

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