What are total assets at the end of year

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Reference no: EM131288070

Kroger Company had the following transactions for 2014, the first year of operations:

1) Issued common stock for $50,000 cash.

2) Purchased merchandise on account, $40,000, terms 1/10, n/30.

3) Sold merchandise on account for $25,000. The inventory sold had cost $14,000.

4) Paid for the merchandise purchased within the discount period.

5) Collected $20,000 on the merchandise sold on account.

6) Paid operating expense of $5,000. Required: Answer the following questions.

a) What are total assets at the end of 2014?_______________________________________________________________

b) What is the balance of the cash account at the end of 2014?______________________________________________

c) What is gross margin for 2014?_______________________________________________________________________

d) What is net income for 2014?________________________________________________________________________

e) What are total liabilities at the end of 2014?____________________________________________________________

f) What is total equity at the end of 2014?________________________________________________________________

g) What is total retained earnings at the end of 2014?_____________________________________________________

Reference no: EM131288070

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