Lena Company has provided the following data for its 2019 operations (ignore income taxes): 2019 revenues...
Lena Company has provided the following data for its 2019 operations (ignore income taxes):
2019 revenues were $83,000.
2019 expenses were $49,200.
Dividends declared and paid during 2019 totaled $8,300.
Total assets at December 31, 2019 were $191,000.
Total liabilities at December 31, 2019 were $117,000.
Common stock at December 31, 2019 was $33,000.
Which of the following is correct?
Multiple Choice
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2019 net income was $25,500. (A)
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Total stockholders' equity at December 31, 2019 was $250,000. (B)
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Retained earnings at December 31, 2019 were $41,000. (C)
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Retained earnings at December 31, 2019 were $25,500 (D)
Homework Answers
Net income = Revenues - Expenses = 83,000 - 49,200
= 33,800 (Option A is wrong)
Total stockholders equity = Total assets - Total Liabilities
= 191,000 - 117,000 = 74,000 (Option B is wrong)
Retained earnings = Net income - dividends paid
= 33,800 - 8,300
= 25,500
Option D is the answer
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