Use the following information from Shane and Lane, Inc., for the year ended Dece
ID: 2336065 • Letter: U
Question
Use the following information from Shane and Lane, Inc., for the year ended December 31, 2011, to answer the questions that follows. Assume that the shareholders made new contributions of $25 to the company during the year (Click the icon to view the information.) Requirement 1. What were the company's total revenues during the year ended December 31, 2011? The total revenues for the year ended December 31, 2011 is $ 1040 Requirement 2. What was the amount of the dividends declared during the year ended December 31, 2011? The dividends declared during the year ended December 31, 2011 amounted to More Info a. Expenses for the year ended December 31, 2011 $625 b. Net income for the year ended December 31, 2011 $415 c. Beginning balance (December 31, 2010, balance) in retained earnings S215 d. Ending balance (December 31, 2011, balance) in retained earnings $500 e. Total labilities and shareholders' equity at December 31, 2011-$875 f. Beginning balance (December 31, 2010, balance) in total liabilities $260 g. Ending balance (December 31, 2011, balance) in total liabilities $275 Requirements Requirements 1. 2. 3. What were the company's total revenues during the year ended December 31 2011? What was the amount of the dividends declared during the year ended December 31 2011? What is the total that owners had invested in Shane and Lane as of December 31 2011? What were total assets on the company's December 31, 2011, balance sheet? Print Done 4. Print DoneExplanation / Answer
Solution 1:
Company's total revenues during the year ended december 31, 2011 = Expenses + Net Income
= $625 + $415 = $1,040
Solution 2:
Amount of dividend declared during the year ended December 31, 2011 = Beginning balance of retained earnings + Net Income - Ending balance of retained earnings
= $215 + $415- $500 = $130
Solution 3:
Total that owner had invested in shane and lane as of December 31, 2011 = Amount of ending stockholder's equity = Total liabilities and stockholder's equity at December 31, 2011 - Ending balance in total liabilities
= $875 - $275 = $600
Solution 4:
Total assets on the company's december 31, 2011 balance sheet = Ending balance of total liablities and shareholder's equity = $875