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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.
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
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