Homework Answers
Beginning assets = $60,000
Beginning liabilities = $40,000
Beginning retained earnings = $18,000
Revenues = $100,000
Expenses = $70,000
Dividends = $15,000
1.
Net Income = Revenues - Expenses
= 100,000-70,000
= $30,000
2.
Stockholders equity, beginning = Beginning assets - Beginning liabilities
= 60,000-40,000
= $20,000
3.
Retained earnings, ending = Beginning retained earnings + Net income - Dividends
= 18,000+30,000-15,000
= $33,000
Kindly give a positive rating if you are satisfied with this solution and please ask if you have any query.
Thanks
Add Answer to:
Chapter 1 Mel's Mechanical Repair Shop started the year with total assets of $60,000, total liabilities...
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000....
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000. Stockholders' equity at the end of the year was a. $120,000. b. $100,000 C. $80,000. d. $90,000.
8. The increases to a company's resources that result when goods or services are provided to...
8. The increases to a company's resources that result when goods or services are provided to customers are called? A) Assets B) Liabilities C) Expenses San D) Revenues E) None of the above 9. What categories of cash flows are presented in a statement of cash flows? A) Operating and non-operating B) Receipts and disbursements C) Financial and non-financial D) Operating, investing, and financing E) None of the above 10. Marvin's Mechanical Repair Shop started the year with total assets...
Current Attempt in Progress Blossom's Electronic Repair Shop started the year with total assets of $301000...
Current Attempt in Progress Blossom's Electronic Repair Shop started the year with total assets of $301000 and total liabilities of $216000. During the year, the business recorded $512000 in electronic repair revenues, $314000 in expenses, and Blossom withdrew $50700. The net income reported by Blossom's Electronic Repair Shop for the year was O $135700. O $70300 O $268300 O $198000
Company A started the year with total assets of $300,000 and total liabilities of $240,000. During...
Company A started the year with total assets of $300,000 and total liabilities of $240,000. During the year, the business recorded $570,000 in revenues, $330,000 in expenses, and dividends of $60,000. The net income reported by Jimmy's Repair Shop for the year was Group of answer choices A)$180,000. B)$570,000. C)$240,000. D)$300,000.
5) Ahmet's Camera Shop started the year with total assets of $80,000 and total liabilities of...
5) Ahmet's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no capital contributions during the year, but did make withdrawals of $60,000. The net change in Scott's owner's equity for the year is a: A) $10,000 decrease. B) $40,000 increase. C) $30,000 decrease. D) $50,000 increase. RE TA = $80,000 TL = 40,000 FRS120.000
Metropolitan Casting Services started the year with total assets of $100,000 and total liabilities of $40,000....
Metropolitan Casting Services started the year with total assets of $100,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $130,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. Calculate the amount of increase or decrease in stockholders' equity for the year. O A. a $60,000 decrease O B. a $40,000 increase c. a $70,000 increase OD. a $10,000 increase
Chapter 1 h Mechanical Repar Shop started the ings of $18,000 ar total assets of $60.000...
Chapter 1 h Mechanical Repar Shop started the ings of $18,000 ar total assets of $60.000 total abilities of $40,000, and retained corded $100.000 in auto repair revenues, $70,000 in expenses, and 1. The net income repe addi n g the year the business recorded $100.0 aid dividends of $15 000 me reported by Mrs Machanical Repair Shop for 2. Mer's balance of stockhom Repair Shop for the year was of stockholders' cauity at the start of the year was...
acct hw help Ashley's Accessory Shop started the year with total assets of $350,000 and total...
acct hw help
Ashley's Accessory Shop started the year with total assets of $350,000 and total liabilities of $100,000. During the year the business recorded $250,000 in revenues, $80,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was $130,000 $250,000 $420,000 $360,000 QUESTION 21 A company began the year with retained earnings of $500,000. During the year, the company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What was the...
Question 1 0.4 pts Precision Camera Services started the year with total assets of $90,000 and...
Question 1 0.4 pts Precision Camera Services started the year with total assets of $90,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $100,000 and $70,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. What is the amount of stockholders' equity at the end of the year? AS $100,000 $40,000 $15.000 O $70,000 a HD
Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During...
Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During the year, the business recorded $82,000 in service revenues. $45,000 in expenses, and paid dividends of $2.500. Shareholders' equity at the end of the year was Select one: $82.000 O $77.000 $79.500 O $45.000 Clear my choice BE1-10 Go Ahead Limited began the year with common shares of $100,000 and retained earnings of $350,000. During the year, it issued an additional $25,000 of common...
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000. Stockholders' equity at the end of the year was a. $120,000. b. $100,000 C. $80,000. d. $90,000.
8. The increases to a company's resources that result when goods or services are provided to customers are called? A) Assets B) Liabilities C) Expenses San D) Revenues E) None of the above 9. What categories of cash flows are presented in a statement of cash flows? A) Operating and non-operating B) Receipts and disbursements C) Financial and non-financial D) Operating, investing, and financing E) None of the above 10. Marvin's Mechanical Repair Shop started the year with total assets...
Current Attempt in Progress Blossom's Electronic Repair Shop started the year with total assets of $301000 and total liabilities of $216000. During the year, the business recorded $512000 in electronic repair revenues, $314000 in expenses, and Blossom withdrew $50700. The net income reported by Blossom's Electronic Repair Shop for the year was O $135700. O $70300 O $268300 O $198000
5) Ahmet's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no capital contributions during the year, but did make withdrawals of $60,000. The net change in Scott's owner's equity for the year is a: A) $10,000 decrease. B) $40,000 increase. C) $30,000 decrease. D) $50,000 increase. RE TA = $80,000 TL = 40,000 FRS120.000
Metropolitan Casting Services started the year with total assets of $100,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $130,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. Calculate the amount of increase or decrease in stockholders' equity for the year. O A. a $60,000 decrease O B. a $40,000 increase c. a $70,000 increase OD. a $10,000 increase
Chapter 1 h Mechanical Repar Shop started the ings of $18,000 ar total assets of $60.000 total abilities of $40,000, and retained corded $100.000 in auto repair revenues, $70,000 in expenses, and 1. The net income repe addi n g the year the business recorded $100.0 aid dividends of $15 000 me reported by Mrs Machanical Repair Shop for 2. Mer's balance of stockhom Repair Shop for the year was of stockholders' cauity at the start of the year was...
acct hw help
Ashley's Accessory Shop started the year with total assets of $350,000 and total liabilities of $100,000. During the year the business recorded $250,000 in revenues, $80,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was $130,000 $250,000 $420,000 $360,000 QUESTION 21 A company began the year with retained earnings of $500,000. During the year, the company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What was the...
Question 1 0.4 pts Precision Camera Services started the year with total assets of $90,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $100,000 and $70,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. What is the amount of stockholders' equity at the end of the year? AS $100,000 $40,000 $15.000 O $70,000 a HD
Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During the year, the business recorded $82,000 in service revenues. $45,000 in expenses, and paid dividends of $2.500. Shareholders' equity at the end of the year was Select one: $82.000 O $77.000 $79.500 O $45.000 Clear my choice BE1-10 Go Ahead Limited began the year with common shares of $100,000 and retained earnings of $350,000. During the year, it issued an additional $25,000 of common...
Most questions answered within 3 hours.
-
LABORATORY EXERCISES:
Using nested for loops, write a java program to print the
pattern as shown...
asked 40 seconds from now -
a) The frequency of light coming out from a laser source is 297
MHz. What is...
asked 33 seconds from now -
Assume that the correlation coefficient between achievement test
scores (X) and grade point averages (Y) among...
asked 12 minutes ago -
In Chapter 1 titled "So Close and Yet So Different", in "Why
Nations Fail" authors bring...
asked 9 minutes ago -
Leadership Philosophy
Write a two-page paper identifying your personal leadership
philosophy based on your new perspective...
asked 5 minutes ago -
Which of these function correctly defines the function g(),
which should return a pointer to a...
asked 14 minutes ago -
Pickett Industries just paid a dividend of D0 = $1.10. Analysts
expect the company's dividend to...
asked 15 minutes ago -
Suppose a random sample of 900 measurements is taken from an
unknown population. The average of...
asked 18 minutes ago -
Suppose we add another SRC instruction xor ra, rb, rc that xors
the contents of registers...
asked 19 minutes ago -
Hello, I need some help creating this class in Java. This is for
a larger project....
asked 40 minutes ago -
Why does entrepreneurs trying to employ AI into their
business organizations? What are the advantages and...
asked 38 minutes ago -
// This program is supposed to display every fifth year
// starting with 2017; that is,...
asked 40 minutes ago