Question

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 company's retained earnings at the end of the year? $450,000 $500,000 OOOO $350,000 $650,000 QUESTION 22 In the first month of operations, the total of the debit entries to the Cash account amounted to $1,500 and the total of the credit entries to the Cash account amounted to $700. The Cash account has a $600 credit balance $800 credit balance $600 debit balance

Answer 1

As per HOMEWORKLIB POLICY Quidelines, Only 1 Question will be answered per Post . Post remaining Question as a Each Separate Question . But iam answering the First 2 Questions Thank You.

1)
Particulars	Amount (in $ )
Revenues	$ 250,000
Less: Expenses	($ 80,000)
Net Income	$ 170,000
Particulars	Amount (in $ )
Total Assets	$ 350,000
Less: Total Liabilities	($ 100,000)
Stockholder's Equity Beginning	$ 250,000
Add: Net Income	$ 170,000
Less: Dividends	($ 60,000)
Stockholder's Equity at the end of the Year	$ 360,000
Option (d) is Correct
2)
Particulars	Amount (in $ )
Revenues	$ 450,000
Less: Expenses	($ 300,000)
Net Income	$ 150,000
Particulars	Amount (in $ )
Retained Earnings - Beginning	$ 500,000
Add: Net Income	$ 150,000
Less: Dividends	($ 200,000)
Retained Earnings at the end of the Year	$ 450,000
Option (a) is Correct