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Homework answers / question archive / The financial information for assets and liabilities, revenues and expenses are listed for All State Corp
The financial information for assets and liabilities, revenues and expenses are listed for All State Corp. as of December 31, 2018. Using the information, prepare an income statement, statement of retained earnings and balance sheet (32 marks): $3,500 5,500 10,000 18,300 30,000 12,000 1,500 13,200 Accounts payable Accounts receivable Long-term debt Cash Cost of goods sold Inventory Office expense Rent expense Wages expense Payroll payable Sales revenue Dividends Declared Office supplies Utilities expense Common Shares Retained Earnings, January 1, 2019 Retained Earnings, December 31, 2019 31,400 900 101,000 7,000 4,400 7,500 15,000 10,800 ?
The highway patrol is interested in determining the average speed of automobiles traveling on I-75 between Chattanooga and Atlanta. To accomplish this task, the speed of every tenth car passing a particular point on 1-75 is recorded. a. What is the population for this study? b. What constitutes the sample? c. Is speed a categorical or a quantitative variable? d. What type of measurement scale is used?
Note: There is an error in the question since the debits and credits do not match for the amounts given. There is a difference of $10400. Kindly check and provide correct numbers under the comments section.
| All State Corp. | ||
| Income Statement | ||
| For the Year Ended December 31, 2019 | ||
| Sales revenue | 101000 | |
| Cost of goods sold | 30000 | |
| Gross profit | 71000 | |
| Less: Operating expenses | ||
| Office expense | 1500 | |
| Rent expense | 13200 | |
| Wages expense | 31400 | |
| Utilities expense | 7500 | |
| Total operating expenses | 53600 | |
| Net income | 17400 | |
| All State Corp. | |
| Statement of Retained Earnings | |
| For the Year Ended December 31, 2019 | |
| Retained earnings, January 1, 2019 | 10800 |
| Add: Net income | 17400 |
| 28200 | |
| Less: Dividends declared | 7000 |
| Retained earnings, December 31, 2019 | 21200 |
| All State Corp. | |
| Balance Sheet | |
| December 31, 2019 | |
| Assets | |
| Cash | 18300 |
| Accounts receivable | 5500 |
| Office supplies | 4400 |
| Inventory | 12000 |
| Total assets | 40200 |
| Liabilities and Shareholders' Equity | |
| Accounts payable | 3500 |
| Payroll payable | 900 |
| Long-term debt | 10000 |
| Total liabilities | 14400 |
| Common shares | 15000 |
| Retained earnings | 21200 |
| Total shareholders' equity | 36200 |
| Total liabilities and shareholders' equity | 50600 |
