9. True Statement: Amounts paid out as dividends are not expenses. (Option c)
Dividends do not affect a company’s net income. Dividends affect the shareholder’s equity section of the balance sheet.
Explanation for other choices:
Amounts received from issuing stock are of capital nature and not considered as revenues.
Amounts received from issued stock are reported in the balance sheet and not in the income statement.
Amounts paid as dividends are not reported on the income statement.
10. An Income Statement presents the revenues and expenses for a specific period of time. (Option c)
Explanation for other choices:
Balance Sheet reports the assets, liabilities, and stockholder’s equity at a specific date.
The Retained Earnings Statement summarizes the changes in retained earnings for a specific period of time.
11. Henson’s Retained Earnings at the End of the Year = $460,000 (Option c)
Retained Earnings at the Beginning of the Year = $380,000
Net Income for the Year = Revenues – Expenses = $500,000 - $380,000 = $120,000
Dividends paid = $40,000
Retained Earnings at the End of the Year = Retained Earnings at the Beginning of the Year + Net Income – Dividends Paid = $380,000 + $120,000 -$40,000 = $460,000
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12. Multiple Choice Question 121 Finney Company began the year by issuing $80000 of common stock for cash. The company recorded revenues of $740000, expenses of $640000, and paid dividends of $40000. What was Finney's net income for the year? b. $60000 $140000 $100000 $180000 c. d. Answer: 13. Multiple Choice Question 125 A balance sheet shows b. revenues, expenses, and dividends. assets, liabilities, and stockholders' equity. revenues, liabilities, and...
Henson Company began the year with retained earnings of $350,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $905. What was Henson's retained earnings at the end of the year?
Multiple Choice Question 119 Marigold Corp. began the year with retained earnings of $407000. During the year, the company recorded revenues of $502000, expenses of $382000, and paid dividends of $39500. What was Marigold's retained earnings balance at the end of the year? $487500 $841500 $502000 $541500
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6. Multiple Choice Question 73 Which of the following statements concerning users of accounting information is incorrect? b. a. Regulatory authorities are considered internal users. Taxing authorities are considered external users. Present creditors are considered external users. Management is considered an internal user c. d. Answer: 7. Multiple Choice Question 80 Issuing shares of stock in exchange for cash is an example of a(n) I investing activity operating activity financing...
Henson Company began the year with retained earnings of $380,000. During the year, the company issued stock for $800,000, purchased a building for $650,000, recorded revenues of $500,000, disclosed expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year? a. $540,000 b. $460,000 c. $840,000 d. $500,000 Please explain
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4. Multiple Choice Question 61 Which of the following is the most appropriate and modern definition of accounting? a. b. The information system that identifies, records, and communicates the economic events of an organization to interested users. The interconnected network of subsystems necessary to operate a business, Electronic collection, organization, and communication of vast amounts of information A means of collecting information. C. d. Answer: 1 5. Multiple Choice Question...
Nashs Trading Post C began the year with retained earnings of $380000. During the year, the company recorded revenues of $480000 openses of $375000, and paid dividends of $35000 What was retired earnings at the end of the year? 5480000 $450000
Multiple Choice Question 121 Blue Spruce Corp, began the year with retained earnings of $121000. During 2022, the company issued $78500 of common stock for cash. The company recorded revenues of $749000, expenses of $672000, and paid dividends of $45000. What was Blue's net income for the year 2022? $110500 $77000 $155500 $32000 Click if you would like to Show Work for this question: Open Show Work
Multiple Choice Question 124 Tamarisk, Inc. began 2022 with total stockholder's equity of $1284000, including retained earnings of $944000. During the year, the company issued $1307000 of common stock, recorded expenses of $3535000, and paid dividends of $245000. If Tamarisk's ending retained earnings was $1004000, what was the company's revenue for 2022? $3840000 $5147000 $4902000 $3595000
Question 4 2 pts Stetson Company began the year with retained earnings of $380,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Stetson's retained earnings balance at the end of the year? $460,000 $500,000 $540,000 $840,000