Gym Corporation reported the following information at December 31, 2016: $$\begin{array} { l r l r }
\text { Accounts payable } & \$ 40,000 & \text { Dividends declared and paid } & \$ 10,000 \
\text { Cash } & 75,000 & \text { Expenses } & 60,000 \
\text { Inventories } & 18,000 & \text { Revenue } & 75,000
\end{array}$$ A) Calculate Gym Corporation's total assets.
B) Calculate Gym Corporations' net income for 2016.
C) Calculate Gym Corporation's total stockholders' equity at the end of 2016 .

Question

Gym Corporation reported the following information at December 31, 2016: $$\begin{array} { l r l r } 
\text { Accounts payable } & \$ 40,000 & \text { Dividends declared and paid } & \$ 10,000 \
\text { Cash } & 75,000 & \text { Expenses } & 60,000 \
\text { Inventories } & 18,000 & \text { Revenue } & 75,000
\end{array}$$ A) Calculate Gym Corporation's total assets.
B) Calculate Gym Corporations' net income for 2016.
C) Calculate Gym Corporation's total stockholders' equity at the end of 2016 .

Quizplus · Accepted Answer

The Answer of Gym Corporation reported the following information at December 31, 2016: $$\begin{array} { l r l r } 
\text { Accounts payable } & \$ 40,000 & \text { Dividends declared and paid } & \$ 10,000 \
\text { Cash } & 75,000 & \text { Expenses } & 60,000 \
\text { Inventories } & 18,000 & \text { Revenue } & 75,000
\end{array}$$ A) Calculate Gym Corporation's total assets.
B) Calculate Gym Corporations' net income for 2016.
C) Calculate Gym Corporation's total stockholders' equity at the end of 2016 .

Gym Corporation Reported the Following Information at December 31, 2016