At the beginning of the year, owners' equity totaled $135,000. During the year, net income was $42,000, and dividends of $31,000 were declared and paid. What was Owners' equity at the end of the year? a. $146,000 b. $125,000 c. $139,000 d. $148,000

At the beginning of the year, owners' equity totaled $135,000. During the year, net income was $42,000, and dividends of $31,000 were declared and paid. What was Owners' equity at the end of the year? a. $146,000 b. $125,000 c. $139,000 d. $148,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 53E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

See similar textbooks

Related questions

Q: General accounting question

A: Step 1: Definition of Direct Materials Price VarianceThe Direct Materials Price Variance measures…

Q: Get correct answer general accounting questions

A: Step 1: Definition of Return on EquityReturn on equity is a yardstick that measures the magnitude of…

Q: What is the correct option? ? General accounting question

A: Step 1: Define Key Terms Predetermined overhead rate: This is the rate used to apply manufacturing…

Q: Her AGI is:

A: Step 1: Definition of Adjustments to Gross IncomeAn individual's adjusted gross income or, AGI is…

Q: Determine the depreciation for the month

A: Concept of DepreciationDepreciation is the systematic allocation of the cost of a tangible asset…

Q: Provide correct option

A: Step 1: Definition of Cost Allocation for Property AcquisitionCost allocation for property…

Q: Find correct answer please accounting question

A: Step 1: Information givenEarnings Per Share (EPS) = $8Market Price Per Share = $96We need to…

Q: Answer this without using chatgpt or Ai

A: Find Total Hours Worked:Kevin worked 5 hours per day for 3 days: 5 × 3 = 15 hoursKevin worked 7…

Q: General accounting question

A: Step 1:Net income can be calculated using the formula of return on equity. Return on equity = Net…

Q: Can you help me with accounting questions

A: Step 1: Definition of Expected Market Price Using P/E RatioThe expected market price of a stock is…

Q: How much is applied to the principal of the note

A: To determine how much of the $5,170 monthly payment is applied to the principal, we first compute…

Q: At the end of the first year, Swift Electronics had net accounts receivable of $80,500. At the end…

A: Step 1: Definition of Receivable Turnover RatioThe Receivable Turnover Ratio measures how…

Q: Taylor Manufacturing uses a predetermined factory

A: Step 1: Introduction to factory overheadFactory overheads are defined as indirect costs that are not…

Q: hello tutor help this answer accounting

A: Step 1: Definition of Gross ProfitGross Profit is the difference between net sales revenue and cost…

Q: General accounting questions

A: Step 1: Definition of High Low MethodAccording to the high low method if we use the values of the…

Q: Subject: financial accounting

A: Straight-line depreciation is a method where the asset loses the same amount of value each year over…

Q: What role does completeness verification serve in accounting cycles? (a) Ensures all transactions…

A: Explanation of Completeness Verification: Completeness verification ensures all economic events…

Q: New computer equipment

A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a simple method of…

Q: do fast answer of this general accounting question

A: Step 1: Definition of Times Interest Earned (TIE) RatioThe Times Interest Earned (TIE) Ratio…

Q: I want to correct answer general accounting question

A: Gross Profit is the financial metric that represents the profit a company makes after deducting the…

Q: do fast answer of this General accounting question

A: Step 1: Definition of Net IncomeNet income is the amount of earnings remaining after deducting…

Q: MCQ

A: Explanation of Contribution Margin:The contribution margin is the amount left after deducting…

Q: Could you please explain how the answer of £53,600 was obtained and why

A: Step 1:First, understand all the given errors and there impact on profit: 1. The director's salary…

Q: Jersey Manufacturing applies manufacturing overhead to its cost objects based on 80% of direct…

A: Explanation of Manufacturing Overhead: Manufacturing overhead represents all indirect production…

Q: At Baxter Company, as of June 30, the company has net sales of $400,000 and a cost of goods…

A: Concept of Gross ProfitGross profit is the difference between net sales and the cost of goods sold,…

Q: Please given answer

A: Step 1: Definition of Variable CostingVariable costing is a costing method in which only variable…

Q: Want answer

A: Step 1: DefinitionsCost of Goods Manufactured (COGM) - COGM refers to the total production cost of…

Q: Need answer

A: Explanation of Manufacturing Overhead:Manufacturing overhead consists of all indirect costs incurred…

Q: Solve this financial accounting question

A: Step 1: Define Operating Cash Flow (OCF)Operating Cash Flow (OCF) measures the cash generated from a…

Q: What is the company's gross profit

A: Concept of Gross ProfitGross profit is the amount a company earns after deducting the direct costs…

Q: what will be the new ROE'?

A: Return on Equity (ROE) is calculated using the formula:ROE = (Net Income / Shareholders' Equity) ×…

Q: Question 1Toodles Inc. had sales of $1,840,000. Cost of goods sold,administrative and selling…

A: Income StatementNote: Since Earnings before tax is negative, tax is $0.Formula:Note: "-", or ( )…

Q: 20 points

A: Below are the step-by-step explanations to the answers: 1. Answer: (a) $3,900.22Step-by-step…

Q: Calculate the direct labor rate per hour for this financial accounting question

A: Step 1: Define Direct Labor Rate Per HourThe Direct Labor Rate Per Hour represents the total labor…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Raw Material Purchases BudgetThe raw materials purchases budget determines the…

Q: gross profit percentage for this period?

A: Step 1: Definition of Gross Profit PercentageThe Gross Profit Percentage (also known as Gross Profit…

Q: What is the cost of goods sold?

A: Explanation of Beginning Inventory: Beginning inventory represents the total value of goods a…

Q: need help this questions

A: Step 1: Definition of MarkupMarkup is the difference between the selling price of a product and its…

Q: NO WRONG ANSWER

A: Equity represents the residual interest in the assets of a business after deducting its liabilities.…

Q: Please provide answer this general accounting question

A: Step 1: Define Materials Purchase Price VarianceThe Materials Purchase Price Variance measures the…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Selling Price Per UnitThe selling price per unit is determined by calculating…

Q: Need step by step answer

A: Explanation of Manufacturing Overhead:Manufacturing overhead includes all indirect costs incurred in…

Q: I need this question answer of this general accounting question

A: Step 1: Define Straight-Line DepreciationStraight-line depreciation is a method where an asset's…

Q: what is company A's net income? account question

A: Step 1: Definition of Net IncomeNet income is the final profit a company earns after deducting all…

Q: Want Answer

A: we use the Price-to-Earnings (P/E) ratio formula:P/E Ratio = Market Price per Share ÷ Earnings per…

Q: Not Ai Solution

A: Concept of Manufacturing OverheadManufacturing overhead refers to indirect costs incurred in the…

Q: need this account subjects solutions

A: Step 1: Definition of Profit Volume (P/V) RatioThe Profit Volume (P/V) Ratio represents the…

Q: Hello tutor please provide this question solution general accounting

A: Step 1: Definition of TurnoverTurnover, in the context of Return on Investment (ROI), refers to the…

Q: Right answer

A: Step 1: Total sales revenue.= selling price per crate x crates sold= $95 x 48,000= $4,560,000 Step…

Q: What would Their revenue need to be for their account to be in balance?

A: Explanation of the Extended Accounting Equation:The extended accounting equation is an expanded form…

Question

100%

Solve this Financial Accounting questions

At the beginning of the year, owners' equity
totaled $135,000. During the year, net income was
$42,000, and dividends of $31,000 were declared
and paid.
What was Owners' equity at the end of the year?
a. $146,000
b. $125,000
c. $139,000
d. $148,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Assuming that total assets were $8,037,000 at the beginning of the current fiscal year, determine the following: When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % %
Benson Company’s net income was $225,000 for Year 1, $243,750 for Year 2, and $293,160 for Year 3. Assume trend percentages for net income over the three-year period are computed, with Year 1 serving as the base year.The trend percentage for Year 3’s net income is: Select one: A. 117.30% B. 86.36% C. 120.92% D. 130.29%
Subject:- General Account
What is the net income percentage?
Calculate (a) interest expense, (b) taxable income, and (c) earnings per share if: DFL = 1.56, EBIT = $702,000; tax rate = 25%, common stock outstanding = 100,000 shares. Show work.
Can you please solve this general account query??
Given the following information, what is the ratio of liabilities to stockholders' equity? Fixed assets (net) at year-end $400,000 Average fixed assets 450,000 Total assets 500,000 Long-term liabilities 300,000 Total liabilities 350,000 Total stockholders' equity 250,000 Total liabilities and stockholders' equity 500,000 Interest expense 5,000 Income before income tax 150,000 Net income 100,000 O a. 0.7 O b. 1.2 O c. 1.4 O d. 0.6
Zero Corp's total common equity at the end of last year was $350,000 and its net income was $70,000. What was its ROE? a. 19.40% b.24.20% O c. 17.00% d. 17.40% e. 20.00%
For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.8 %. Sales for the year were $9 million, and average asset turnover was 2.2. Average stockholders' equity was $2.9 million. Required: a. Calculate Settles Incorporated's margin and net income. Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000. b. Calculate Settles Incorporated's return on equity. Note: Round your answer to 1 decimal place. a. Margin a. Net income % b. Return on equity %
Financial Accounting
An investor buys stock for $10,000 and earns dividends of $25” during the course of the year. At the end of the year, the stock is worth $9,300. The capital-gains yield for the year is? A. 2.5 percent B. -2.5 percent C. -4.5 percent D. -7.0 percent
What is the percentage return on these financial accounting question?