Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please state the correct answer for numbers 1 and 2. thank you please show work. PROBLEM 4 GENERAL CALCULATIONS (12 POINTS) 1. At the end

Please state the correct answer for numbers 1 and 2. thank you please show work.
image text in transcribed
PROBLEM 4 GENERAL CALCULATIONS (12 POINTS) 1. At the end of the current accounting period, account balances were as follows: Cash, $200,000; Accounts Receivable, $90,000; Common Stock, $30,000; Retained Earnings, $85,000. Liabilities for the period were: a. $ 70,000. b. $175,000 c. $190,000 d. $210,000 2. Revenues were $160,000, expenses were $80,000, and cash dividends were $30,000. What were the net income and the change in retained earnings for the period? a. A.Net income was $50,000; change in retained earnings was $50,000 b. B. Net income was $80,000; change in retained earnings was $50,000 c. C. Net income was $80,000; change in retained earnings was $80,000 d. Net income was $250,000; change in retained earnings was $250,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Effective Writing A For Accountants

Authors: Claire B. May, Gordon S. May

9th Edition

0132567245, 9780132567244

More Books

Students also viewed these Accounting questions

Question

1. Assign study buddies who can be available over the phone.

Answered: 1 week ago