Lorenta Company has provided the following data (ignore income taxes): 2019 revenues were $78,700. 2019 expenses...
Lorenta Company has provided the following data (ignore income taxes):
2019 revenues were $78,700.
2019 expenses were $50,300.
Dividends declared and paid during 2019 totaled $9,400.
Total assets at December 31, 2019 were $202,000.
Total liabilities at December 31, 2019 were $139,000.
Common stock at December 31, 2019 was $44,000.
Which of the following is not correct?
Multiple Choice
-
2019 net income was $28,400. (A)
-
Total stockholders' equity at December 31, 2019 was $63,000. (B)
-
Total liabilities and stockholders' equity at December 31, 2019 was $202,000. (C)
-
Retained earnings on December 31, 2019 were $202,000 (D)
Homework Answers
Net income = Revenues - Expenses = 78,700 - 50,300 = 28,400
Total stockholders equity = Total assets - Total Liabilities
= 202,000 - 139,000 = 63,000
Total Liabilities and stockholders equity = Total assets = 202000
Retained earnings = Net income - Dividends paid
= 28,400 - 9,400
= 19,000 (Option D is the answer)
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