banna01man
06.03.2020 •
Business
The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31.
Account Name Debits Credits
Cash 69,600
Accounts Receivable 5,200
Prepaid Insurance 5,000
Equipment 78,750
Land 26,550
Accounts Payable 32,600
Unearned Revenue 2,100
Notes payable (long-term) 66,000
Common stock 5,000
Retained Earnings 51,815
Dividends 0
Service Revenue 33,500
Wages Expense 4,800
Repairs and Maintenance-
Expense 830
Office Expenses 285
Totals 191,015 191,015
(a) Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Inc., for the year ended December 31.
(b) Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Inc., for the year ended December 31.
(c) Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Inc., for the year ended December 31.
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Ответ:
Part a) Net Income for the year $27,585
Part b) Balance of Retained Earnings for the year $79,400
Part c) Total Assets as the December 31 $185,100
Explanation:
Part a)
Equilibrium Riding Inc.
Income Statement for the year ended as of 31 December
Service Revenue $33,500
Less Expenses
Wages Expense $4,800
Repairs and Maintenance Expense $830
Office Expenses $285
Net Revenue $27,585
Part b)
Equilibrium Riding Inc.
Statement of changes in Equity for the year ended as of 31 December
Retained Earnings at the beginning of the period $51,815
Add: Net income for the year $27,585
Less Dividends $0
Retained earnings at the end of the period $79,400
Part c)
Equilibrium Riding Inc.
Balance Sheet as at 31 December
Assets
Non-Current Assets
Equipment $78,750
Land $26,550
Current Assets
Accounts Receivable $5,200
Cash $69,600
Prepaid Insurance $5,000
Total Assets $185,100
Equity and Liabilities
Owners Equity
Common Stock $5,000
Retained Earnings $79,400
Non Current Liabilities
Notes Payable (long-term) $66,000
Current Liabilities
Accounts Payable $32,600
Unearned Revenue $2,100
Total Equity and Liabilities $185,100
Ответ:
Please find the answer below
Explanation:
1. Equilibrium, Inc
Income statement for the year ended December 31
($)
Service revenue 33, 500
Other income 0
Gross Income 33, 500
Expenses:
Wages expense 4, 800
Repairs and maintenance 830
Office expenses 285
Total Expenses (5, 915)
Net Income 27, 585
2. Equilibrium, Inc
Statement of retained earnings
for the year ended December 31
($)
Retained earnings, 1 Jan 51, 815
Dividends (0)
Net profit 27, 915
Retained earnings , Dec 31 79, 400
3. Equilibrium, Inc
Balance sheet
for the year ended December 31
($)
Non-Current assets
Equipment 78, 750
Land 26, 550
Total Non-current assets 105, 300
Current Assets
Cash 69, 600
Accounts Receivable 5, 200
Prepaid insurance 5, 000
Total non-current assets 79, 800
TOTAL ASSETS 185, 100
Equity
Common stock 5, 000
Retained earnings 79, 400
Total equity 84, 400
Liabilities
Notes payable (long-term) 66, 000
Unearned revenue 2, 100
Accounts payable 32, 600
Total liabilities 100, 700
TOTAL EQUITY AND LIABILITIES 185, 100
Ответ:
The answer is: thirty six years
Explanation:
The easiest way to determine how long it will take a CD or any type of investment (that earns compound interest) to double its value, is to use the Rule of 72.
The Rule of 72 is very simple, all you have to do is divide 72 by the rate of return: 72 / 2 = 36 years