Question 7 Use the following information for the next few questions. The financial statements for XYZ Co. are shown belo

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Question 7 Use The Following Information For The Next Few Questions The Financial Statements For Xyz Co Are Shown Belo 1 (44.25 KiB) Viewed 3 times

Question 7 Use The Following Information For The Next Few Questions The Financial Statements For Xyz Co Are Shown Belo 2 (35.97 KiB) Viewed 3 times

Question 7 Use the following information for the next few questions. The financial statements for XYZ Co. are shown below. Income Statement For the year ended December 31, 20x5 Revenues Expenses: Rent Expense Insurance Expense Supplies Expense Wages Expense Total Expenses XYZ Co. Net Income $40,000 $30,000 $20,000 $50,000 Beginning Retained Earnings +Net Income $180,000 XYZ Co. Statement of Retained Earnings For the year ended December 31, 20x5 -Dividends Ending Retained Earnings (140,000) $40,000 2 pts $5,000 $40,000 ($10.000) $35,000
Assets: Cash $75,000 Accounts Receivable $45,000 Prepaid Insurance $20,000 Prepaid Rent $10,000 Supplies $15,000 Equipment $35,000 Total Assets XYZ Co. $200,000 Balance Sheet December 31, 20x5 Liabilities: Accounts Payable Unearned Revenue Notes Payable Total Liabilities Owner's Equity: Common Stock $50,000 Retained Earnings $35.000 Total Owner's Equity $85.000 Total Liabilities and Owner's Equity According to the financial statements, how much work did XYZ Co. perform during 20x5? $25,000 $15,000 $75,000 $115,000 $200,000