Question: PLEASE HELP WITH ONLY QUESTION 9 Financial data for Phillip's Plumbing Company are given below. All figures are in dollars. Use this data to construct

 PLEASE HELP WITH ONLY QUESTION 9 Financial data for Phillip's Plumbing

PLEASE HELP WITH ONLY QUESTION 9

Financial data for Phillip's Plumbing Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2018 and use your constructed statement to answer the following 5 questions. NOTE: Not every item in the list below belongs on the balance sheet - you have to use some given data to determine needed accounts for the balance sheet. However, other than what is listed and/or can be derived, there are no other accounts on the company's balance sheet for the year - use cash as a plug figure to balance the balance sheet. Accounts payable Accruals Accumulated depreciation Additional paid in capital Beginning of year inventory Common stock ($1.25 par value) Cost of goods sold Current portion of Long-term debt Gross accounts receivable Gross fixed assets Long-term debt (excluding current portion) Purchases Retained earnings Returns and allowances Short-term bank loan Cash 8,100 3,100 18,400 7,800 19,400 16,000 64,800 84,200 36,500 120,400 84,200 61,800 28,600 1,900 5,300 ??? 5. What did Phillip's Plumbing Company record as Total Current Assets on December 31, 2018 balance sheet? 6. What did Phillip's Plumbing Company record as Total Current Liabilities on December 31, 2018 balance sheet? 7. What did Phillip's Plumbing Company record as Total Assets on December 31, 2018 balance sheet? 8. What was Total Shareholder's Equity on Phillip's Plumbing Company' December 31, 2018 balance sheet? 9. Phillip's Plumbing Company reported net income for 2018 of $12,400 and the company paid dividends of $0.40 per share in 2018. Given this information (along with the data provided above), compute what Phillip's Plumbing Company reported as retained earnings on its December 31, 2010 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2010 and December 31, 2018)

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 Finance Questions!