Benedict Company compiled the following financial information as of - 14324

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  • From: Business,
  • Posted on: Tue 09 Oct, 2012
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Request Description

 

Benedict Company compiled the following financial information as of December 31, 2012:

 

Revenues

$280,000

 

Common stock

60,000

 

Equipment

80,000

 

Expenses

250,000

 

Cash

70,000

 

Dividends

20,000

 

Supplies

10,000

 

Accounts payable

40,000

 

Accounts receivable

30,000

 

Retained earnings, 1/1/12

150,000


Benedict’s assets on December 31, 2012 are:

 

$470,000

 

 

$190,000

 

 

$160,000

 

 

$340,000

Solution Description

 

Benedict Company compiled the following financial information as of December 31, 2012:

 

Revenues

$280,000

 

Common stock

60,000