Tgo ul AJ,000 al Die eHd Of Marck, 2020. Buring the month of April, ABC Corporation has revenues of $70,000 and total operating expenses of $62,000. During April, ABC Corporation Retained Earmings on April 307 (Show your work for this problem, including labels for all also declares and pays dividends of $5.000 and issues Common stock for $8,000. What is ABC Corporation's ending balance numbers used in calculations.)
Tgo ul AJ,000 al Die eHd Of Marck, 2020. Buring the month of April, ABC Corporation has revenues of $70,000 and total operating expenses of $62,000. During April, ABC Corporation Retained Earmings on April 307 (Show your work for this problem, including labels for all also declares and pays dividends of $5.000 and issues Common stock for $8,000. What is ABC Corporation's ending balance numbers used in calculations.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 35?
Transcribed Image Text:QUESTION 34
Which of the following statements about temporary accounts is not true?
O a. Temporary accounts begin each accounting period with a zero balance.
O b. Temporary accounts do not require T-accounts.
O c. Temporary accounts appear on the income statement.
O d. Temporary accounts do not appear on the post-closing trial balance.
QUESTION 35
ABC Corporation has Retained Earnings of $45,000 at the end of March, 2020. During the month of April, ABC Corporation has revenues of $70,000 and total operating expenses of $62,000. During April, ABC Corporation
also declares and pays dividends of $5,000 and issues Common stock for $8,000. What is ABC Corporation's ending balance of Retained Earnings on April 30? (Show your work for this problem, including labels for all
numbers used in calculations.)
QUESTION 36
Which of the following would affect owners' equity?
O a. Purchased land for $5,000 cash.
O b. Borrowed $1,500 from Citi Bank and signed a 3 month note.
Oc. Purchased supplies on Account (payment due in 30 days) from Office Depot.
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Retained earnings, Ending= Retained earnings, beginning+ Net income during the period- Dividends Declared
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