1. Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial items for the entire year were determined: sales revenue, $186,000; salaries and wages expense, $101,000; interest expense, $6,700; advertising expenses, $9,225; and income tax expense, $18,900. Also during the year, the company declared and paid the owners dividends amounting to $16,000.

Prepare the companys income statement.

2. Items from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order. For the companies shown in each column, solve for the missing amounts.

3. If Blair Industries had $28 million in revenue and net income of $17 million, then its:

4. At the end of last year, the company's assets totaled $867,000 and its liabilities totaled $743,500. During the current year, the company's total assets increased by $58,700 and its total liabilities increased by $24,350. At the end of the current year, stockholders' equity was:

5.

Robin Hood's statement of cash flows contained the following:

• Cash flows from operating activities in the amount of $30,500
• Cash flows from investing activities in the amount of $31,500
• Cash flows from (used by) financing activities in the amount of ($43,500)

What was Robin Hood's change in cash for the period?

6. Coast Company has 11,600 items of building supplies on hand that cost $348,000; a bill from the vendor for $260,000 of these supplies has not yet been paid. The company expects to earn $816,000 for its services when it uses the building supplies. The companys balance sheet would include an asset, Supplies, in the amount of:

7. A company began the year with assets of $115,000, liabilities of $27,500, and stockholders' equity of $87,500. During the year assets increased $56,500 and stockholders' equity increased $23,000. What was the change in liabilities for the year?

HOME REALTY, INCORPORATED Income Statement %24 Amazin' Corp. Best Tech, Inc. Colossal Corp. Common Stock 18 115 Dividends 13 6. 65 Net Income 215 Retained Earnings, Beginning of Year 45 Retained Earnings, End of Year Total Assets Total Expenses 70 45 215 45 Total Liabilities 365 45 Total Revenues 90 330 %24 Multiple Choice expenses must have been $45 million. expenses must have been $11 million. assets must have been $28 million. assets must have been $17 million. Multiple Choice $123,500. $34,350. $157,850. $182,200. Multiple Choice $12,000 increase $12,000 decrease $18,500 decrease $18,500 increase Multiple Choice $816,000. $11,600. $88,000. $348,000. Multiple Choice Increase of $79,500 Increase of $33,500 Decrease of $79,500 Decrease of $33,500