Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following information pertains to the next four questions. At the beginning of Year 2, X Companry had assets of $300, liabilities of $150, and common stock of $50. During Year 2 the company earned revenue of $400, incurred expenses of $250, and paid dividends of $100. All transactions were cash transactions. 1. What is the amount of retained earnings at the beginning of Year 2? $ 50 $100. $150. a b. C. d. none of the above. 2. The amount of net income reported on the Year 2 income statement would he $400. $150. $ 50. a b. с. d. none of the above. 3. The amount of retained earnings reported on the December 31, Year 2 balance sheet would be $100. b. $250. $650. a. с. d. none of the above. 4. The amount of total assets reported on the December 31, Year 2 balance sheet would be $350. $300. $450. d. $ 50. a. b. C. 5. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company's assets would increase by $500. liabilities would decrease by $500. equity would increase by $500. revenue would decrease by $500. a. b. C. d.

The following information pertains to the next four questions. At the beginning of Year 2, X Companry had assets of $300, liabilities of $150, and common stock of $50. During Year 2 the company earned revenue of $400, incurred expenses of $250, and paid dividends of $100. All transactions were cash transactions. 1. What is the amount of retained earnings at the beginning of Year 2? $ 50 $100. $150. a b. C. d. none of the above. 2. The amount of net income reported on the Year 2 income statement would he $400. $150. $ 50. a b. с. d. none of the above. 3. The amount of retained earnings reported on the December 31, Year 2 balance sheet would be $100. b. $250. $650. a. с. d. none of the above. 4. The amount of total assets reported on the December 31, Year 2 balance sheet would be $350. $300. $450. d. $ 50. a. b. C. 5. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company's assets would increase by $500. liabilities would decrease by $500. equity would increase by $500. revenue would decrease by $500. a. b. C. d.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Please!! Help me solving all parts of this practice question
The following information pertains to the next four questions. At the beginning of Year 2, X Company had assets of $300, liabilities of $150, and common stock of $50. During Year 2 the company earned revemue of $400, incurred expenses of $250, and paid dividends of $100. All transactions were cash transactions. 1. What is the amount of retained earnings at the beginning of Year 2? $ 50. $100. $150. a. b. C. d. none of the above. 2. The amount of net income reported on the Year 2 income statement would be $400. $150. a. b. C. $ 50. d. none of the above. 3. The amount of retained earnings reported on the December 31, Year 2 balance sheet would be $100. $250. $650. a. b. C. d. none of the above. 4. The amount of total assets reported on the December 31, Year 2 balance sheet would be $350. $300. $450. d. $ 50. a. b. C. 5. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company's assets would increase by $500. liabilities would decrease by $500. equity would increase by $500. d. a. b. C. revenue would decrease by $500.
Transcribed Image Text:The following information pertains to the next four questions. At the beginning of Year 2, X Company had assets of $300, liabilities of $150, and common stock of $50. During Year 2 the company earned revemue of $400, incurred expenses of $250, and paid dividends of $100. All transactions were cash transactions. 1. What is the amount of retained earnings at the beginning of Year 2? $ 50. $100. $150. a. b. C. d. none of the above. 2. The amount of net income reported on the Year 2 income statement would be $400. $150. a. b. C. $ 50. d. none of the above. 3. The amount of retained earnings reported on the December 31, Year 2 balance sheet would be $100. $250. $650. a. b. C. d. none of the above. 4. The amount of total assets reported on the December 31, Year 2 balance sheet would be $350. $300. $450. d. $ 50. a. b. C. 5. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company's assets would increase by $500. liabilities would decrease by $500. equity would increase by $500. d. a. b. C. revenue would decrease by $500.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Techniques of Time Value Of Money
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS