At the beginning of the year, Winton Company's assets were $180,000 and its stockholders' equity was $82,000. During the year, assets increased by $25,000 and liabilities increased by $9,000. What was the stockholders' equity at the end of the year? Oa. $116,000 Ob. $98,000 Oc. $114,000 Od. $107,000 Which of the following is not true of accounting principles? Oa. The Financial Accounting Standards Board (FASB) has primary responsibility for developing accounting principles. Ob. A new accounting principle can be adopted with stockholders' approval. Oc. Following GAAP allows accounting information users to compare one company to another. Od. Financial accountants follow generally accepted accounting principles (GAAP). Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of stockholders' equity (SSE), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statements prepared? Oa. SSE, I, B Ob. 1, SSE, B Oc. B. 1, SSE Od. B, SSE, I Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $220,000. The Focus Company initially offered to buy the land for $177,000. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $232,000. Under the cost principle, at what amount should the land be recorded in the accounting records of Focus Company? Oa. $232,000 Ob. $212,000 Oc. $220,000 Od. $177,000 The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below. The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings) at January 1. The shareholders invested in an additional $10,000 of common stock during the year. Net income for the year is $45,625. Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash 13,980 Spa supplies 9,230 Fees earned ??? Wages expense 26,580 Spa furniture & equipment 56,000 Dividends 38,170 Computers 2,130 Prepare an income statement for the current year ended December 31. Rocky's Day Spa Income Statement For the Year Ended December 31 Expenses: Total expenses 00