Please write calculations/explanations for each answer for the questions. Thank you! EX.16 e...
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Accounting
Please write calculations/explanations for each answer for the questions. Thank you!
EX.16 e assets and liabilities of Hercules, Inc., as of December 31, 2015, also revenues and expenses for 2015, are following Land Note payable Accounts payable Rent expense Cash Common stock Furniture. Interest expense 98.000$ 185.000$ 19.000S 23.000$ 10.000$ 40.000$ 20.000$ 900$ Property tax expenses Accounts receivable Advertising expenses Building Salary expenses Salary payable Service revenue Supplies 4.000$ 12.000S 13.000S 150.000$ 63.000$ 1.000$ 220.000$ 3.000$ Beginning retained earnings were 10.000$, dividends totalled 70.000$ Required: Prepare income statement as of December 31, 2015, statement of retained earnings for the year, prepare balance sheet Answer questions: Was Hercules profitable during a year? Did retained earnings increased or decreased? Who owns more of Hercules assets, creditors or stockholders
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