Please show work and how you got the solution Thank you 1. A company has Liabili
ID: 2593346 • Letter: P
Question
Please show work and how you got the solution Thank you
1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?
2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?
3. The account “Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit or credit?
4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error?
Explanation / Answer
Dear student, only one question is allowed at a time. I am answering the first question
1)
As per accounting equation,
Assets – Liabilities = Stockholders’ Equity
So, Assets = Liabilities + Stockholders’ Equity
= $23,500 + $56,500
= $ 80,000