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1. The accountant for the Times Corporation prepared the following list from the company's accounting...

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Accounting

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1. The accountant for the Times Corporation prepared the following list from the company's accounting records for the year ended December 31, 2012 $ Retained earnings Cash X Accounts payable Sales revenue Cost of sales Landr Notes payable Inventory ? Prepaid expenses $ 97,000 Common stock 70,000 VAccounts receivable 1,075,000 Interest income 780,000 VSalary expense 810,000 Income tax expenser 520,000 VSelling expenser 280,000 Salaries payabler 70,000 500,000 260,000 70,000 220,000 60,000 75,000 55,000 Determine the following amounts for Times Corporation. A) Total assets at the end of 2012. 15/7,000 Total liabilities at the end of 2012. B) Total equity at the end of 2012. D) Total revenues for 2012. E) F) ANS: Total expenses for 2012. - Net income for 2012. = 10,000

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