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KATRIN_1 [288]
2 years ago
9

At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $52,300; Liabilities = $21,100; Dividend

s = $5,810; Revenues = $20,100; Expenses = $13,600. Calculate net income and stockholders' equity at the end of the period.
Business
1 answer:
givi [52]2 years ago
3 0

Answer:

SE = 30,510

Explanation:

We are going to use the accounting equation to solve for SE:

Assets = Liablities + Equity

Assets = Liab + SE + net income - dividends

First we have to solve for net income:

20,100 Revenues - 13,600 expenses = 6,500 net income

Now we can post the know value in the formula an solve for Stockholders equity:

52,300 = 21,100 + SE + 6,500 - 5,810

SE = 52,300 - 21,1000 + 6,500 + 5,810

SE = 30,510

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On January 1, 2021, Perez Co. issued at par $10,000 of 6% bonds convertible in total into 1,000 shares of Perez's common stock.
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