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Seneca College *

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440

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Accounting

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Nov 24, 2024

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2

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11/19/23, 8:56 PM Chapter 6 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4682828&cmid=1260517&page=7 1/2 English (en) English (en) Français - Canada (fr_ca) Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 6 - Budgeting / Chapter 6 Quiz Question 8 Correct Mark 1.00 out of 1.00 If ABC Restaurant had budgeted total assets of 100, budgeted liabilities of 60, budgeted common shares of $10, opening retained earnings of $10, net income for the most recent year of $30, how much did ABC declare in dividends for its most recent year? Select one: a. $10 b. $40 c. $100 d. $30 Your answer is correct. Explanation: Ending Retained earnings=$100-$60-$10=$30. Since opening retained earnings and net income for the most recent year amount to $40 ($10+$30), dividends declared must have been $10 ($10+$30-$30=$10). The correct answer is: $10
11/19/23, 8:56 PM Chapter 6 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4682828&cmid=1260517&page=7 2/2 Français (fr)
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