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Alexis Company was started in Year 1. At the end of Year 1, the Company had the following accounting equation. Cash 730 Assets + Liabilities Stockholders Equity Land 2,330 Notes Payable 1,260 Common Stock Retained Earnings 1,140 660 During Year 2, the company experienced the following accounting events. Paid off $630 of its note payable Earned $830 of cash revenue. ⚫ Paid $530 of cash expenses. Paid a $230 cash dividend. Based on this information alone, what percent of the company's assets at the end of Year 2 was provided by earnings? Multiple Choice 25.2% 29.2% O O 61.2% Some other percentage

Alexis Company was started in Year 1. At the end of Year 1, the Company had the following accounting equation. Cash 730 Assets + Liabilities Stockholders Equity Land 2,330 Notes Payable 1,260 Common Stock Retained Earnings 1,140 660 During Year 2, the company experienced the following accounting events. Paid off $630 of its note payable Earned $830 of cash revenue. ⚫ Paid $530 of cash expenses. Paid a $230 cash dividend. Based on this information alone, what percent of the company's assets at the end of Year 2 was provided by earnings? Multiple Choice 25.2% 29.2% O O 61.2% Some other percentage

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alexis Company was started in Year 1. At the end of Year 1, the Company had the following accounting equation. Cash 730 Assets + Liabilities Stockholders Equity Land 2,330 Notes Payable 1,260 Common Stock Retained Earnings 1,140 660 During Year 2, the company experienced the following accounting events. Paid off $630 of its note payable Earned $830 of cash revenue. ⚫ Paid $530 of cash expenses. Paid a $230 cash dividend. Based on this information alone, what percent of the company's assets at the end of Year 2 was provided by earnings? Multiple Choice 25.2% 29.2% O O 61.2% Some other percentage
Transcribed Image Text:Alexis Company was started in Year 1. At the end of Year 1, the Company had the following accounting equation. Cash 730 Assets + Liabilities Stockholders Equity Land 2,330 Notes Payable 1,260 Common Stock Retained Earnings 1,140 660 During Year 2, the company experienced the following accounting events. Paid off $630 of its note payable Earned $830 of cash revenue. ⚫ Paid $530 of cash expenses. Paid a $230 cash dividend. Based on this information alone, what percent of the company's assets at the end of Year 2 was provided by earnings? Multiple Choice 25.2% 29.2% O O 61.2% Some other percentage
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