2014 revenues were $76,000. 2014 expenses were $48,500. Dividends declared and paid during 2014 totaled $7,600. Total assets at December 31, 2014 were $184,000. Total liabilities at December 31, 2014 were $103,000. Common stock at December 31, 2014 was $26,000. Which of the following is correct?
2014 revenues were $76,000. 2014 expenses were $48,500. Dividends declared and paid during 2014 totaled $7,600. Total assets at December 31, 2014 were $184,000. Total liabilities at December 31, 2014 were $103,000. Common stock at December 31, 2014 was $26,000. Which of the following is correct?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| ena Company has provided the following data (ignore income taxes): |
| 2014 revenues were $76,000. |
| 2014 expenses were $48,500. |
| Dividends declared and paid during 2014 totaled $7,600. |
| Total assets at December 31, 2014 were $184,000. |
| Total liabilities at December 31, 2014 were $103,000. |
| Common stock at December 31, 2014 was $26,000. |
| Which of the following is correct? |
Transcribed Image Text:Multiple Choice
2014 net income was $19,900.
Total stockholders' equity at December 31, 2014 was $243,000.
Retained earnings at December 31, 2014 were $19,900.
Retained earnings at December 31, 2014 were $55,000.
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