Question: This is what I have so far, please help!! 1) Year End Statements for Gladall Industries contained the following elements and amounts: Assets =$3,600,000; Liabilities
1) Year End Statements for Gladall Industries contained the following elements and amounts: Assets =$3,600,000; Liabilities = ?; Common Stock =$1,900,000; Revenue =$720,000; Expenses = $510,000 Dividends =$100,000; Beginning Retained Earnings =$600,000. a. What is Ending Retained Earnings? 290,000 (Hint: use the Retained Earnings Formula above) b. What are Year-End Liabilities? (Hint: Using the results from a., use the Accounting Equation to solve for liabilities) 2) Using the Horizontal Equation below, show the impact to Arlington Co. of the following transactions: a. Arlington Co. sells $700,000 in common stock. b. Arlington Co. borrows $500,000 from the bank. c. Arlington Co. purchases kitchen equipment for $375,000. d. Arlington Co, sells catering services to customers for $94,000 cash. e. Arlington Co. pays salaries of $30,000 to its employees in cash. f. Jacobson Co. pays $18,000 in cash dividends to its owners. g. The equipment purchased in C. is now worth $400,000
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