Use the following to answer questions $15-19$

The company had the following account balances at the end of December before preparing the financial statements:

Accounts Balances

Common stock $$400,000$

Utilities expense $30,000$

Cash $50,000$

Accounts payable $20,000$

Dividends $75,000$

Salaries expense $600,000$

Service revenue $800,000$

Beginning Retained earnings $200,000$

Supplies $3,000$

Equipment $?$

$15.$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$What were total expenses for the year?

$16.$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$Calculate their net income for the year.

$17.$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$Calculate their ending balance in Retained Earnings.

$18.$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$What is their balance in stockholder$$s equity on $12/31.$

$19.$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ What is the balance of the Equipment account.

Answer rating: 100% (QA)

To answer these questions lets first organize the provided information Common stock 400000 Utilities ... View the full answer