Baltimore Company’s assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,500, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,550, and Tools $300.
1.Baltimore Company’s assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts
Payable $4,500, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,550, and Tools $300. Baltimore’s total liabilities are: (All account balances are normal.)
2.Baltimore Company’s assets and liabilities are Accounts Receivable $2,550, Equipment $8,000, Accounts Payable $5,300, Prepaid Rent $2,450, Supplies $675, Bank Loan $4,050, and Tools $585. Baltimore’s total equity is: (All account balances are normal.)
3.Baltimore Company experienced a total increase in stockholders’ equity of $25,000 during the current year. Stockholders’ equity was increased by additional issuances of $40,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $98,000. How much was Baltimore’s revenue for the year?
4.Baltimore Company experienced an increase in total assets of $15,500 during the current year. During the same time period, total liabilities increased $4,600. Shareholders made no investments during the year and no dividends were paid. How much was Baltimore’s net income
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