Essentials of Investments
9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
689 solutions
Century 21 Accounting: General Journal
11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman
1,012 solutions
Accounting: What the Numbers Mean
9th EditionDaniel F Viele, David H Marshall, Wayne W McManus
345 solutions
Fundamentals of Financial Management
14th EditionEugene F. Brigham, Joel F Houston
845 solutions
Henson Company began the year with retained earnings of $350,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson's retained earnings at the end of the year?
a. $510,000
b. $430,000
c. $810,000
d. $470,000
Pinson Company began the year with retained earnings of $550,000. During the year, the company recorded
revenues of $600,000, expenses of $380,000, and paid dividends of $140,000. What was Pinson's retained earnings at the end of the year?
a. $910,000
b. $630,000
c. $1,010,000
d. $480,000
Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000, expenses of $160,000, and paid dividends of $10,000. What was Finney's net income for the year?
a. $15,000
b. $35,000
c. $25,000
d.
$45,000
Lankston Company began the year by issuing $60,000 of common stock for cash. The company recorded revenues of $550,000, expenses of $480,000, and paid dividends of $30,000. What was Lankston's net income for the year?
a. $40,000
b. $100,000
c. $70,000
d. $130,000
Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded
expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, what was the company's revenue for the year?
a. $610,000
b. $650,000
c. $820,000
d. $860,000
Kilmer Corporation began the year with retained earnings of $310,000. During the year, the company issued $420,000 of common stock, recorded expenses of $1,200,000, and paid dividends of $80,000. If Kilmer's ending retained earnings was $330,000, what
was the company's revenue for the year?
a. $1,220,000
b. $1,300,000
c. $1,640,000
d. $1,720,000
Jimmy's Repair Shop started the year with total assets of $150,000 and total liabilities of $120,000. During the year the business recorded $315,000 in revenues, $165,000 in expenses, and dividends of $30,000. Stockholders' equity at the end of the year was
a. $180,000.
b. $150,000.
c. $120,000.
d. $135,000.
Jimmy's
Repair Shop started the year with total assets of $150,000 and total liabilities of $120,000. During the year the business recorded $315,000 in revenues, $165,000 in expenses, and dividends of $30,000. The net income reported by Jimmy's Repair Shop for the year was
a. $120,000.
b. $150,000.
c. $90,000.
d. $285,000.
Ashley's Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business
recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. Stockholders' equity at the end of the year was
a. $60,000.
b. $55,000.
c. $65,000.
d. $35,000.
Ashley's Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. The net income reported by Ashley's Accessory Shop for the year
was
a. $40,000.
b. $50,000.
c. $65,000.
d. $55,000.
Elston Company compiled the following financial information as of December 31, 2012:
Revenues $420,000
Common stock 90,000
Equipment 120,000
Expenses 375,000
Cash 105,000
Dividends 30,000
Supplies 15,000
Accounts payable 60,000
Accounts receivable 45,000
Retained earnings, 1/1/12 225,000
Elston's assets on December 31, 2012 are:
a. $705,000
b. $510,000
c.
$240,000
d. $285,000
Elston Company compiled the following financial information as of December 31, 2012:
Revenues $420,000
Common stock 90,000
Equipment 120,000
Expenses 375,000
Cash 105,000
Dividends 30,000
Supplies 15,000
Accounts payable 60,000
Accounts receivable 45,000
Retained earnings, 1/1/12 225,000
Elston's retained earnings on December 31, 2012 are:
a. $225,000
b. $270,000
c. $240,000
d. $ 15,000
Elston Company compiled the following financial information as of December 31, 2012:
Revenues $420,000
Common stock 90,000
Equipment 120,000
Expenses 375,000
Cash 105,000
Dividends 30,000
Supplies 15,000
Accounts payable 60,000
Accounts receivable 45,000
Retained earnings, 1/1/12 225,000
Elston's stockholders' equity on December 31, 2012 is:
a. $315,000
b. $330,000
c. $240,000
d. $360,000
Benedict Company compiled the following financial information as of December 31, 2012:
Revenues $280,000
Common stock 60,000
Equipment 80,000
Expenses 250,000
Cash 70,000
Dividends 20,000
Supplies 10,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict's assets on December 31, 2012 are:
a. $470,000
b. $340,000
c. $160,000
d. $190,000
Benedict Company
compiled the following financial information as of December 31, 2012:
Revenues $280,000
Common stock 60,000
Equipment 80,000
Expenses 250,000
Cash 70,000
Dividends 20,000
Supplies 10,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict's retained earnings on December 31, 2012 are:
a. $150,000
b. $180,000
c. $160,000
d. $ 10,000
Benedict Company compiled the following
financial information as of December 31, 2012:
Revenues $280,000
Common stock 60,000
Equipment 80,000
Expenses 250,000
Cash 70,000
Dividends 20,000
Supplies 10,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict's stockholders' equity on December 31, 2012 is:
a. $210,000
b. $220,000
c. $160,000
d. $240,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable $12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders' equity ?
If the balance of the Buildings account was $28,000 and $2,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity?
a. $54,000
b. $48,000
c. $68,000
d. $52,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable $12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders' equity ?
If the balance of the Buildings account was $16,000 and $4,000 of Accounts Payable were paid in cash, what would be the total liabilities and stockholders' equity?
a. $36,000
b. $52,000
c. $32,000
d. $48,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable $12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders' equity ?
If total stockholder's equity was $38,000, what would be the balance of the Buildings Account?
a. $14,000
b. $54,000
c. $58,000
d. $18,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable
$12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders' equity ?
If the balance of the Buildings account was $30,000 and the equipment was sold for $14,000, what would be the total of stockholders' equity?
a. $26,000
b. $36,000
c. $46,000
d. $50,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable $12,000
Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders' equity ?
If the balance of the Buildings account was $34,000, what would be the total of liabilities and stockholders' equity?
a. $68,000
b. $70,000
c. $54,000
d. $50,000