Presented below is selected information related to Broadway Company at December 31, 2011. Broadway reports financial information monthly.
|
Accounts Payable |
$ 3,000 |
Salaries Expense |
$16,500 |
|
Cash |
7,000 |
Note Payable |
25,000 |
|
Advertising Expense |
6,000 |
Rent Expense |
10,500 |
|
Service Revenue |
54,000 |
Accounts Receivable |
13,500 |
|
Equipment |
29,000 |
Dividends |
7,500 |
(a) Determine the total assets of Broadway Company at December 31, 2011.
(b) Determine the net income that Broadway Company reported for December 2011.
(c) Determine the stockholders’ equity of Broadway Company at December 31, 2011.