Golden Enterprises started the year with the following: Assets $111,000; Liabilities $39,000, Common Stock $69,000, Retained Earnings $3,000. During the year, the company earned revenue of $5,900, all of which was received in cash, and incurred expenses of $3,450, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,900 to owners. Assume no other activities occurred during the year The amount of Golden's retained earnings at the end of the year is: Multiple Choice O o $5,450 $8.900 $3,550
Golden Enterprises started the year with the following: Assets $111,000; Liabilities $39,000, Common Stock $69,000, Retained Earnings $3,000. During the year, the company earned revenue of $5,900, all of which was received in cash, and incurred expenses of $3,450, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,900 to owners. Assume no other activities occurred during the year The amount of Golden's retained earnings at the end of the year is: Multiple Choice O o $5,450 $8.900 $3,550
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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