Answers 5-8

Which of the following reports is filled annually with SEC? a. Form 10-Q b. Form 8-K c. Form 10-K d. Press release Atlantic Corporation reported the following amounts at the end of the first year of operations: What are the retained earnings of Atlantic at the end of the year, and what amount of expenses were incurred during the year? Retained Expenses earnings incurred a. $60, 000 $810, 000 b. $75, 000 $810, 000 c. $75, 000 $825, 000 d. $60, 000 $825, 000 Net income was $121, 500. Beginning and ending assets were $790, 000 and $830, 000, respectively. Beginning and ending stockholders' equity were $150, 000 and $170, 000 respectively. What was return on assets (ROA)? 15.37% 14.64% 75.94% 15% When a company using the allowance method writes off a specific customer's account receivable (of $50, 000) from the accounting system, which of the following statements are true? i. Total stockholders' equity remains unchanged ii. Total expenses remain unchanged iii. Total assets decrease a. i and ii are true b. i and ill are true c. i and ii and iii are true d. None of the statements are true