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    Public administration calculations

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    Public administration calculations

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    Public administration calculations

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    13 views4 pages

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    crishwrite
    Public administration calculations

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    9/18/24, 12:58 PM Assignment Print View

    4. Award: 10.00 points

    Assume you are the president of Caribou Power Corporation. At the end of the first year of operations (December 31), the following financial
    data for the company are available:

    Cash $ 14,100
    Accounts Receivable 10,700
    Supplies 6,400
    Equipment 89,000
    Accounts Payable 10,092
    Notes Payable 1,710
    Sales Revenue 151,000
    Operating Expenses 90,600
    Other Expenses 10,900
    Contributed Capital 60,100
    Dividends (declared and paid) 1,202

    Required:
    1. Prepare an income statement for the year ended December 31.

    https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 1/4
    9/18/24, 12:58 PM Assignment Print View

    CARIBOU POWER CORPORATION


    Income Statement
    For the Year Ended December 31
    Sales revenue $ 151,000
    Expenses
    Operating expenses (90,600)
    Other expenses (10,900)

    Total expenses (101,500)


    Net income $ 49,500

    2. Prepare a statement of retained earnings for the year ended December 31.

    CARIBOU POWER CORPORATION


    Statement of Retained Earnings
    For the Year Ended December 31
    Retained earnings, January 1 $ 0
    Add: Net income 49,500
    Less: Dividends (1,202)
    Retained earnings, December 31 $ 48,298

    3. Prepare a balance sheet at December 31.


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    9/18/24, 12:58 PM Assignment Print View

    CARIBOU POWER CORPORATION


    Balance Sheet
    At December 31
    Assets
    Cash $ 14,100
    Accounts receivable 10,700
    Supplies 6,400
    Equipment 89,000

    Total assets $ 120,200


    Liabilities
    Accounts payable $ 10,092
    Notes payable 1,710

    Total liabilities 11,802


    Shareholders' equity
    Contributed capital 60,100
    Retained earnings 48,298

    Total shareholders' equity 108,398


    Total liabilities and shareholders' equity $ 120,200

    References

    Worksheet Learning Objective: 01-02


    Describe the purpose,
    structure, and content of the
    four basic financial
    statements.

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    9/18/24, 12:58 PM Assignment Print View

    https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 4/4

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