Reference no: EM132815333
Question - Dubai Hardware Stores Co. (DHSC) reported the following accounts as of Dec. 31, 2019.
Cash $10,000 Sales Revenue $110,000
Cost of goods sold 42,000 Inventory 21,000
Bad Debt Expense 1,500 Selling & Adm Expense 7,000
Accounts Receivable 32,000 Dividends declared & paid 22,000
Furniture & Fixtures 150,000 Accumulated Depreciation 9,000
Retained Earnings, Jan. 1, 19 40,000 Accounts Payable 12,000
Allowance for bad debt 2,500 VAT Tax Expense 5,200
Prepaid Insurance expenses 2,000 Unearned (Deferred) Revenues 3,500
Required - Answer the following questions about DHSC
1. Calculate Net Income for DHSC for the year ended Dec. 31, 2019.
2. Determine the Retained Earnings at the end of 2019.
3. Determine DHSC Total Current Liabilities as of Dec. 31, 2019.