Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lena Company has provided the following data for its 2019 operations (ignore income taxes): 2019 revenues were $85,000. 2019 expenses were $49,400. Dividends declared
Lena Company has provided the following data for its 2019 operations (ignore income taxes): 2019 revenues were $85,000. 2019 expenses were $49,400. Dividends declared and paid during 2019 totaled $8,500. Total assets at December 31, 2019 were $193,000. Total liabilities at December 31, 2019 were $121,000. Common stock at December 31, 2019 was $35,000. Which of the following is correct? Multiple Choice 2019 net income was $27,100. Total stockholders' equity at December 31, 2019 was $252,000. Retained earnings at December 31, 2019 were $37,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started