Blue Corporation had a beginning retained earnings balance of $30,000. If during the year Blue Corporation paid dividends of $4,000 and had a net income of $20,000, what was the ending retained earings balance? O A $54,000 O B. $26,000 O C. $24,000 D. $46,000 Use the following appropriate amounts to calculate net income: Assets, $20,000; Liabilities, $12,000; Revenues, $32,500; Expenses, $10,000; Dividends, $2,500. O A. $20,000 OB. $18,500 O C. $22,500 O D. $42,500 Which of the following statements best describe liabilities? O A. cost of doing business O B. owners' claims to resources O c. distribution to stockholders O D. creditors' claims to resources Which of the following items would not appear in a balance sheet? O A. supplies B. interest payable OC. accounts receivable O D.supplies expense Spring Corporation started the year with $250,000 common stock and $30,000 retained earnings. During the year, the company reported a net income of $35,000 and distributed dividends of $15,000 and issued additional common stock of $25,000. What is stockholders' equity at the end of the year? O A. $280,000 OB. $325,000 OC. $300,000 OD. 5345,000 Which of the following is an independent party that helps to ensure that management appropriately applies financial reporting standards in preparing the company's financial statements? O A FASE OBSEC O C. IASB O D. Auditor Which of the following basic underlying generally accepted accounting principles states that the economic life of a company can be divided into artificial time periods for financial reporting? OA. Economic entity O B. Monetary units OC. Periodicity O D. Going concern