Question

Among other items, the balance sheet ofXYZ Company reports retained earnings of $60,000 and total since the companys incepti
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer

  • Retained Earnings ending balance = Beginning Retained earnings balance + Net Income – Dividends.
  • The question states that Retained earnings is $ 60,000
  • Hence,
    CORRECT ANSWER = Option ‘b’
    ‘Since the company’s inception, the total amount of net income exceeded total dividends by at least $ 60,000’
Add a comment
Know the answer?
Add Answer to:
Among other items, the balance sheet ofXYZ Company reports retained earnings of $60,000 and total since...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • A classified balance sheet: a Reports the effect of profit and dividends on retained earnings. b...

    A classified balance sheet: a Reports the effect of profit and dividends on retained earnings. b Organizes assets and liabilities into important subgroups. c Reports operating, investing, and financing activities. d Presents revenues, expenses, and net income. e Measures a company's ability to pay its bills on time.

  • 15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets...

    15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets Liabilities Cash $20,000 Account Payable Account Receivable 5,000 Uneamed Revenue Supplies 2,000 Prepaid Insurance Equity Total Current Assets 28,200 Common Stock Retained Earnings Office Equipment 2.000 37.200 Total Liabilities & Equity Total Assets 1.200 24,000 11.100 37200 The balance sheet for XYZ Services is not correct since they have not recorded adjusting entries. The following information is needed to make adjustments: $300 of the...

  • Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of...

    Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8 ASSETS: 20X7 20X8 Current assets: Cash $10,000 $12,000 Accounts receivable 20,000 25,000 Inventory 16,000 24,000 Prepaid insurance 4,000 3,000 50,000 64,000 Property & equipment 76,000 84,000 Total assets $126,000 $148,000 LIABILITIES AND STOCKHOLDERS EQUITY: Current liabilities: Accounts payable $15,000 $17,000 Other payables 3,000 7,000 18,000 24,000 Long term notes payable 35,000 40,000 Total liabilities 53,000 64,000 Stockholder's equity Capital...

  • The statement of stockholders' equity-or the statement of retained earnings-reconciles and reports a firm's net income,...

    The statement of stockholders' equity-or the statement of retained earnings-reconciles and reports a firm's net income, dividends paid, shares issued and repurchased, and change in retained earnings during a particular year. Which of the following best describes a firm's stockholders' equity? Equity is the initial claim on the value of a company's assets before the firm pays off its liabilities Equity is the difference between the company's assets and liabilities. Yesterday, Black Sheep Broadcasting Company released its annual results and...

  • Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows...

    Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are balances as of September 30, 2017 (with the exception of retained earnings, which is the balance on September 1, 2017), and the amounts shown for income statement items are balances for the month ended September 30, 2017. Accounts payable $17,910 Furniture...

  • In Ramon Company, Treasury Stock increased $20.000 from a cash purchase and Retained Earnings increased $80,000...

    In Ramon Company, Treasury Stock increased $20.000 from a cash purchase and Retained Earnings increased $80,000 as a result of net income of $120,000 and cash dividends paid of $40,000. Ramon also purchased $100,000 of plant assets with cash. Net cash in/outflows from financing activities is/are: O A $20,000 B. $120,000 OC. $40,000 OD $60,000

  • Items from the 2015 income statement, statement of retained earnings

    Items from the 2015 income statement, statement of retained earnings, and balance sheet of Activision Blizzard, Inc., are listed below in alphabetical order.Solve for the missing amounts. (Loss amounts should be Indicated with o minus sign.)Activision Blizzard, inc.Common Stock$3,130Dividends190Net Income (Loss)Retained Earnings, Beginning of Year3,935Retained Earnings, End of YearTotal Assets15,791Total ExpensesTotal Liabilities7,679Total Revenues4,822Is the company profitable? 

  • Items from the 2015 income statement, statement of retained earnings, and balance sheet of Activision Blizzard,...

    Items from the 2015 income statement, statement of retained earnings, and balance sheet of Activision Blizzard, Inc., are listed below in alphabetical order. 1. Solve for the missing amounts. (Loss amounts should be indicated with a minus sign.) Activision Blizzard, Ine. Common Stock Dividends Net Income (LOSS) Retained Earnings Beginning of Year | Retaned namings, End of Year Total Assets Total Expenses. (Total Liabines Total Revenues

  • The following information pertains to Unique Company. Assume that all balance sheet ent both average and ending balance...

    The following information pertains to Unique Company. Assume that all balance sheet ent both average and ending balance figures. Assume that all sales were on amounts repres credit. Assets Cash and short-term investments S 40,000 25,000 Accounts receivable (net) 20,000 Inventory Property, plant and equipment Total Assets Liabilities and Stockholders Equity Current liabilities 60,000 85,000 Long-term liabilities Stockholders' equity-common Total Liabilities and Stockholders Equity $295.000 Income Statement S 85,000 45.000 Sales revenue Cost of goods sold 40,000 Gross margin Operating...

  • QUESTION 6 Use this balance sheet to do horizontal analysis of the Howard Company. 2019 2018...

    QUESTION 6 Use this balance sheet to do horizontal analysis of the Howard Company. 2019 2018 amount percent Assets Current Assets $13,000 $10,000 Plant Assets $44,000 $50,000 Total Assets $57,000 $60,000 Liabilities Stockholders' Equity Total Liabilities and Equity $11,000 $46,000 $57,000 $20,000 $40,000 $60,000 What is the percent increase or decrease for plant assets? O decrease of 13.6% O increase of 13.6% O increase of 12% O decrease of 12% QUESTION 7 Howard Company has net income of $15,000 in...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT