For the Years Year 1 Year 2 Income Statements Revenues $ 760,000...

60.1K

Verified Solution

Question

Accounting

For the Years
Year 1 Year 2
Income Statements
Revenues $ 760,000 $ 837,400
Operating expenses 595,000652,600
Income from continuing operations 165,000184,800
*Infrequent itemlottery win 74,200
Net income $ 165,000 $ 259,000
Balance Sheets
Assets $ 1,113,000 $ 1,113,000
Liabilities $ 259,000 $ 0
Stockholders equity:
Common stock 475,000475,000
Retained earnings 379,000638,000
Total liabilities and stockholders equity $ 1,113,000 $ 1,113,000\table[[MACHINE IMPORT COMPANY],[Balance Sheet],[As of December 31, Year 3],[Assets,,,$1,113,000ox],[Liabilities,,,259,000ox],[Stockholders'equity],[Common stock,\theta ,$475,000,],[Retained earnings,0,860,382x,],[Total stockholders' equity,,,\table[[1,335,382]]],[Total liabilities and stockh,,,$1,594,382]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students