1. Business
  2. Accounting
  3. prat corp started the 2018 accounting period with 30000 of...

Question: prat corp started the 2018 accounting period with 30000 of...

Question details

Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities, and $15,000 of common stock. During the year, the Retained Earnings account increased by $16,050. The bookkeeper reported that Prat paid cash expenses of $31,000 and paid a $3,000 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $4,500 cash to reduce the liability owed to the bank, and the business acquired $6,600 of additional cash from the issue of common stock. Determine the percentage of total assets that were provided by creditors, investors, and earnings. (Round your answers to 2 decimal places.)

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution