Question
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
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2019 net income was $19,100.
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Total stockholders' equity at December 31, 2019 was $242,000.
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Retained earnings at December 31, 2019 were $57,000.
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Retained earnings at December 31, 2019 were $19,100.
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