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Lorenta Company has provided the following data (ignore income taxes): 2019 revenues were $102,100. 2019 expenses were $49,000. Dividends declared and paid during 2019 totaled

Lorenta Company has provided the following data (ignore income taxes):

2019 revenues were $102,100.

2019 expenses were $49,000.

Dividends declared and paid during 2019 totaled $8,100.

Total assets at December 31, 2019 were $189,000.

Total liabilities at December 31, 2019 were $113,000.

Common stock at December 31, 2019 was $31,000.

Which of the following is not correct?

Multiple Choice

  • 2019 net income was $19,100.

  • Total stockholders' equity at December 31, 2019 was $242,000.

  • Retained earnings at December 31, 2019 were $57,000.

  • Retained earnings at December 31, 2019 were $19,100.

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