Question

Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of GA Corporation: Cash $30,000 Accounts Receivable 60,000 Supplies 1,000 Equipment 780,000 Accumulated depreciation 180,000 Accounts payable 26,000 Notes payable 250,000 Common stock 200,000 Retained earnings 144,600 Dividends 50,000 Service revenue 985,000 Salaries expense 745,600 Supplies expense 3,000 Rent expense 22,000 Depreciation expense 60,000 Miscellaneous expense 34,000 20. $ Determine total expenses for the year 21. $ Determine net income for the year 22. $ Determine ending retained earnings for the year 23. $ Determine ending total stockholders' equity for the year 24. $ Determine total Current Assets at the end of the year 25. $ Determine Total Assets at the end of the year 26. Should Common stock be closed at year end?

          Use the following to answer questions 20-26
The following are the year-end account balances for 20XC (prior to closing) of GA Corporation:
Cash
$30,000
Accounts Receivable
60,000
Supplies
1,000
Equipment
780,000
Accumulated depreciation
180,000
Accounts payable
26,000
Notes payable
250,000
Common stock
200,000
Retained earnings
144,600
Dividends
50,000
Service revenue
985,000
Salaries expense
745,600
Supplies expense
3,000
Rent expense
22,000
Depreciation expense
60,000
Miscellaneous expense
34,000
20. $
Determine total expenses for the year
21. $
Determine net income for the year
22. $
Determine ending retained earnings for the year
23. $
Determine ending total stockholders' equity for the year
24. $
Determine total Current Assets at the end of the year
25. $
Determine Total Assets at the end of the year
26. Should Common stock be closed at year end?

Use the following to answer questions 20-26
The following are the year-end account balances for 20XC (prior to closing) of GA Corporation:
Cash
30,000
Accounts Receivable
60,000
Supplies
1,000
Equipment
780,000
Accumulated depreciation
180,000
Accounts payable
26,000
Notes payable
250,000
Common stock
200,000
Retained earnings
144,600
Dividends
50,000
Service revenue
985,000
Salaries expense
745,600
Supplies expense
3,000
Rent expense
22,000
Depreciation expense
60,000
Miscellaneous expense
34,000
20.
Determine total expenses for the year
21. Determine net income for the year
22.
Determine ending retained earnings for the year
23. Determine ending total stockholders' equity for the year
24.
Determine total Current Assets at the end of the year
25. Determine Total Assets at the end of the year
26. Should Common stock be closed at year end?

Added by Elizabeth M.

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