Gym Corporation Reported the Following Information at December 31, 2016

question 144

Essay

Gym Corporation reported the following information at December 31, 2016: $$\begin{array} { l r l r } \text { Accounts payable } & \$ 40,000 & \text { Dividends declared and paid } & \$ 10,000 \\\text { Cash } & 75,000 & \text { Expenses } & 60,000 \\\text { Inventories } & 18,000 & \text { Revenue } & 75,000\end{array}$$ A) Calculate Gym Corporation's total assets.
B) Calculate Gym Corporations' net income for 2016.
C) Calculate Gym Corporation's total stockholders' equity at the end of 2016 .

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Definitions:

Servicing Materials

Raw materials or supplies used in the upkeep or maintenance of equipment or facilities.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, helping businesses plan for various levels of performance.

Wells Serviced

This term refers to the number of oil or water wells that have undergone maintenance, repair, or inspection services within a specific period.

Other Expenses

Costs that are not directly associated with the production of goods or services, such as administrative and selling expenses.