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Richards Corporation had the following balances at December 31, 2020: Property, plant, and equipment $1,255,000 Goodwill Interest payable Line of credit, due on demand Customer list Additional paid-in capital Salaries payable Cash and cash equivalents Pension liability Inventory Land held for future expansion Select one: 6,000 Common stock Net income for 2020 totaled $325,000. The company declared dividends of $50,000 on December 15, 2019. How much did Richards Corporation report as Stockholders' equity in the 2020 Balance sheet? a. $955,000 b. $1,230,000 c. $1,290,000 120,000 Prepaid Insurance 35,000 Accounts payable 545,000 Retained earnings December 31, 2019 12,000 Accumulated depreciation 85,000 Accounts receivable, net 65,000 Accumulated other comprehensive loss 436,000 Cash and cash equivalents 136,000 Note payable, due in annual installments of $25,000 plus interest on December 31 $212,000 5,000 24,000 50,000 410,000 145,000 120,000 5,000 85,000 675,000

Richards Corporation had the following balances at December 31, 2020: Property, plant, and equipment $1,255,000 Goodwill Interest payable Line of credit, due on demand Customer list Additional paid-in capital Salaries payable Cash and cash equivalents Pension liability Inventory Land held for future expansion Select one: 6,000 Common stock Net income for 2020 totaled $325,000. The company declared dividends of $50,000 on December 15, 2019. How much did Richards Corporation report as Stockholders' equity in the 2020 Balance sheet? a. $955,000 b. $1,230,000 c. $1,290,000 120,000 Prepaid Insurance 35,000 Accounts payable 545,000 Retained earnings December 31, 2019 12,000 Accumulated depreciation 85,000 Accounts receivable, net 65,000 Accumulated other comprehensive loss 436,000 Cash and cash equivalents 136,000 Note payable, due in annual installments of $25,000 plus interest on December 31 $212,000 5,000 24,000 50,000 410,000 145,000 120,000 5,000 85,000 675,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Richards Corporation had the following balances at December 31, 2020: Property, plant, and equipment $1,255,000 Goodwill Interest payable Line of credit, due on demand Customer list Additional paid-in capital Salaries payable Cash and cash equivalents Pension liability Inventory Land held for future expansion Net income for 2020 totaled $325,000. The company declared dividends of $50,000 on December 15, 2019. How much did Richards Corporation report as Stockholders' equity in the 2020 Balance sheet? Select one: 6,000 Common stock 120,000 Prepaid Insurance 35,000 Accounts payable 545,000 Retained earnings December 31, 2019 12,000 Accumulated depreciation 85,000 Accounts receivable, net 65,000 Accumulated other comprehensive loss 436,000 Cash and cash equivalents 136,000 Note payable, due in annual installments of $25,000 plus interest on December 31 a. $955,000 b. $1,230,000 c. $1,290,000 d. $1,280,000 e. $960,000 $212,000 5,000 24,000 50,000 410,000 145,000 120,000 5,000 85,000 675,000
Transcribed Image Text:Richards Corporation had the following balances at December 31, 2020: Property, plant, and equipment $1,255,000 Goodwill Interest payable Line of credit, due on demand Customer list Additional paid-in capital Salaries payable Cash and cash equivalents Pension liability Inventory Land held for future expansion Net income for 2020 totaled $325,000. The company declared dividends of $50,000 on December 15, 2019. How much did Richards Corporation report as Stockholders' equity in the 2020 Balance sheet? Select one: 6,000 Common stock 120,000 Prepaid Insurance 35,000 Accounts payable 545,000 Retained earnings December 31, 2019 12,000 Accumulated depreciation 85,000 Accounts receivable, net 65,000 Accumulated other comprehensive loss 436,000 Cash and cash equivalents 136,000 Note payable, due in annual installments of $25,000 plus interest on December 31 a. $955,000 b. $1,230,000 c. $1,290,000 d. $1,280,000 e. $960,000 $212,000 5,000 24,000 50,000 410,000 145,000 120,000 5,000 85,000 675,000
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