5 you are reviewing a set of financial statements and come across the following head 4352186

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?

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