Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: $37.000 $100,000 $13,000 $9,000 $12,000 $9.000 Accounts Payable Revenues Salaries Expense Dividends Utilities Expense Advertising Expense Short-term Investments Cash Land Common Stock OA. $75,000 O B. $25,000 OC. $68,000 O D. $57,000 $20,000 $82,000 $50,000 $58,000
Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: $37.000 $100,000 $13,000 $9,000 $12,000 $9.000 Accounts Payable Revenues Salaries Expense Dividends Utilities Expense Advertising Expense Short-term Investments Cash Land Common Stock OA. $75,000 O B. $25,000 OC. $68,000 O D. $57,000 $20,000 $82,000 $50,000 $58,000
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 19P
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![Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations:
$37,000
$100,000
$13,000
$9,000
$12,000
$9,000
Accounts Payable
Revenues
Salaries Expense
Dividends
Utilities Expense
Advertising Expense
Short-term Investments
Cash
Land
Common Stock
A. $75,000
B. $25,000
C. $66.000
O D. $57,000
$20,000
$82,000
$50,000
$58,000
C---](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d3b97dc-9378-4d54-9675-04e41c19d130%2Fa199fee9-7e51-4edc-a14c-6dbca9e54da3%2Fycozo8a.png&w=3840&q=75)
Transcribed Image Text:Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations:
$37,000
$100,000
$13,000
$9,000
$12,000
$9,000
Accounts Payable
Revenues
Salaries Expense
Dividends
Utilities Expense
Advertising Expense
Short-term Investments
Cash
Land
Common Stock
A. $75,000
B. $25,000
C. $66.000
O D. $57,000
$20,000
$82,000
$50,000
$58,000
C---
![Michael Company reports Total Assets of $231,000, Common Stock of $53,000, and Retained Earnings of $94,000. What are total liabilities at the end of the first year?
OA. $137,000
B. $178,000
OC. $84,000
OD. $190,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d3b97dc-9378-4d54-9675-04e41c19d130%2Fa199fee9-7e51-4edc-a14c-6dbca9e54da3%2Fmnvnah_processed.png&w=3840&q=75)
Transcribed Image Text:Michael Company reports Total Assets of $231,000, Common Stock of $53,000, and Retained Earnings of $94,000. What are total liabilities at the end of the first year?
OA. $137,000
B. $178,000
OC. $84,000
OD. $190,000
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