Presented below is selected information related to Flanagan Corporation at December 31, 2011. Flanagan reports financial information monthly.
|
Office Equipment |
$10,000 |
Utilities Expense |
$ 4,000 |
|
Cash |
8,000 |
Accounts Receivable |
9,000 |
|
Service Revenue |
36,000 |
Wages Expense |
7,000 |
|
Rent Expense |
11,000 |
Notes Payable |
16,500 |
|
Accounts Payable |
2,000 |
Dividends |
5,000 |
(a) Determine the total assets of Flanagan Corporation at December 31, 2011.
(b) Determine the net income that Flanagan Corporation reported for December 2011.
(c) Determine the stockholders’ equity of Flanagan Corporation at December 31, 2011.