5.You are reviewing a set of financial statements and come across the following headings. Indicate with an "X" the financial statement you would expect to find the heading listed on. Some items may appear on more than one statement or not at all.
Income
Statement
Balance SheetStatement of
Stockholders'
Equity
a.Earnings per share
b.Dividends paid
c.Accumulated depreciation
d.Prepaid insurance
e.Wages payable
f.Cost of goods sold
g.Sales revenue
h.Interest expense
i.Interest payable
j.Contributed capital
6.Cowhand’s Bar-B-Q House went into business on January 1, 2007. The following information is available at December 31, 2007:
Sales revenue for the year$300,000
Cash on hand at 31-20078,000
Contributed capital50,000
Wages payable at year end15,000
Cash received from customers during the year190,000
Dividends paid during the year8,000
Expenses incurred during the year (depreciation expense = $0)195,000
Cash paid to buy long-term assets during the year25,000
Accounts receivable at year-end?
Required:
Determine the correct amount for each of the following:
a.What is the amount of net income?
b.What amount should be reported for retained earnings at year-end 2007?
c.What is the amount of accounts receivable at year end?