Use the Following Information to Calculate for the Year Ended

question 125

Essay

Use the following information to calculate for the year ended December 31 2016 (a) net income (b) ending owner's equity and (c) total assets. $$\begin{array} { l r l r } \text { Supplies } & \$ 3,000 & \text { Revenues } & \$ 25,000 \\\text { Operating expenses } & 11,000 & \text { Cash } & 15,000 \\\text { Accounts payable } & 9,000 & \text { Drawings } & 1,000 \\\text { Accounts receivable } & 3,000 & \text { Notes payable } & 2,000 \\\text { Beginning Capital } & 5,000 & \text { Equipment } & 8,000\end{array}$$
-Listed below in alphabetical order are the balance sheet items of Middleton Company at December 31 2016. Prepare a balance sheet and include a complete heading. $\begin{array}{lr}\text { Accounts payable } & \$ 21,000 \\\text { Accounts receivable } & 15,000 \\\text { Buildings } & 91,000 \\\text { Cash } & 6,000 \\\text { Equipment } & 17,000 \\\text { Owner's Capital } & 108,000\end{array}$

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Definitions:

Four Quadrant Model

A framework often used in various fields to categorize or analyze information in four distinct categories or quadrants, based on two sets of bipolar dimensions.

Organizational Culture

The set of shared beliefs, values, norms, and practices that characterizes an institution or organization.

Organizational Culture

The shared values, beliefs, customs, and practices that characterize the social and psychological environment of an organization.

Subculture

A culture within a larger culture, often having beliefs or interests at variance with those of the larger culture.