Billie Systems' retained earnings increased by $30,000 during 2022. The company declared $40,000 in dividends during the year. What was Billie Systems' net income or loss for 2022? A. Net income was $10,000. B. Net income was $70,000. C. Net loss was $70,000. D. Net loss was $10,000.

Billie Systems' retained earnings increased by $30,000 during 2022. The company declared $40,000 in dividends during the year. What was Billie Systems' net income or loss for 2022? A. Net income was $10,000. B. Net income was $70,000. C. Net loss was $70,000. D. Net loss was $10,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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1. During 2021, Target Corporation had:  Revenue of $623,000 Cost of Goods Sold of $250,000 Operating expenses of $68,000 Interest expense of $4,000 Depreciation Expense of $13,000During the year Starzine Corporation paid: 50% of net income in dividends 21% in corporate taxes a. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Include the dividend and additions to Retained Earnings below the income statement.b. Calculate Target's Operating Cash Flow beneath the Income Statement.2. The following data refers to the 2021 year-end account balances for Target. However, the Retained Earnings balance is as of 12/31/2020. The accounts are listed in alphabetical order.$Accounts Payable 25,000 Accounts Receivable 16,000 Accumulated Depreciation 175,000Cash 44,000 Common Stock 120,000 Fixed Assets (gross) 390,000 Inventory 135,000 Long Term Debt 111,000 Retained Earnings (2020) 51,992 Salary Payable 11,000