Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for each entity in the table below, enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.AccountEntity AEntity BRevenues $100,000 $200,000Expenses Net income $40,000 Retained earnings, January 1 $300,000Dividends declared $50,000 $70,000Retained earnings, December 31 $120,000 $310,000Current assets, December 31 $60,000Noncurrent assets, December 31 $420,000 Total assets, December 31 $500,000 Current liabilities, December 31 $30,000Noncurrent liabilities, December 31 $270,000 Total liabilities, December 31 $140,000Paid-in capital, December 31 $520,000Total shareholders' equity, December 31 $200,000

Answered: $100,000…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for each entity in the table below, enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.

Account	Entity A	Entity B
Revenues	$100,000	$200,000
Expenses
Net income	$40,000
Retained earnings, January 1		$300,000
Dividends declared	$50,000	$70,000
Retained earnings, December 31	$120,000	$310,000
Current assets, December 31		$60,000
Noncurrent assets, December 31	$420,000
Total assets, December 31	$500,000
Current liabilities, December 31		$30,000
Noncurrent liabilities, December 31	$270,000
Total liabilities, December 31		$140,000
Paid-in capital, December 31		$520,000
Total shareholders' equity, December 31	$200,000

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$100,000 $200,000 Expenses Net income $40,000 Retained earnings, January 1 $300,000 Dividends declared $50,000 $70,000 Retained earnings, December 31 $120,000 $310,000 Current assets, December 31