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  • The Assets and Liabilities of Web Services Inc As of

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    Muhammad Shahid
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    The document provides financial information for Web Services Inc. as of December 31, 2017, including beginning retained earnings of $60,000 and dividends of $30,000 for the year. It requires preparing the income statement, statement of retained earnings, and balance sheet for Web Services Inc. as of December 31, 2017 and answering questions about profitability, change in retained earnings, and whether total liabilities or equity is greater.

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    The Assets and Liabilities of Web Services Inc as Of

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    The document provides financial information for Web Services Inc. as of December 31, 2017, including beginning retained earnings of $60,000 and dividends of $30,000 for the year. It requires preparing the income statement, statement of retained earnings, and balance sheet for Web Services Inc. as of December 31, 2017 and answering questions about profitability, change in retained earnings, and whether total liabilities or equity is greater.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    6 views2 pages

    The Assets and Liabilities of Web Services Inc As of

    Uploaded by

    Muhammad Shahid
    The document provides financial information for Web Services Inc. as of December 31, 2017, including beginning retained earnings of $60,000 and dividends of $30,000 for the year. It requires preparing the income statement, statement of retained earnings, and balance sheet for Web Services Inc. as of December 31, 2017 and answering questions about profitability, change in retained earnings, and whether total liabilities or equity is greater.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    The assets and liabilities of Web Services Inc as of #6554

    The assets and liabilities of Web Services Inc as of

    The assets and liabilities of Web Services Inc. as of December 31, 2017 and revenues and
    expenses for the year ended on that date are listed here.

    Beginning retained earnings were $60,000, and dividends totaled $30,000 for the year.

    Requirements

    1. Prepare the income statement of Web Services Inc. for the year ended December 31, 2017.

    2. Prepare the company's statement of retained earnings for the year.

    3. Prepare the company's balance sheet at December 31, 2017.

    4. As CEO of Web Services Inc., answer the following questions and then decide if you would
    be pleased with Web Services's overall performance in 2017.

    a. Was Web Services profitable during 2017? By how much?

    b. Did retained earnings increase or decrease? By how much?

    c. Which is greater: total liabilities or total equity? Who owns more of Web Services's assets:
    creditors or Web Services's shareholders?

    The assets and liabilities of Web Services Inc as of

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