Can you help me with this practice problem? The following information pertains to the next four questions. At the beginning of Year 2, X Company had assetsof $300, liabilities of $150, and common stock of $50. During Year 2 the company earned revenue of $400, incurredexpenses of $250, and paid dividends of $100. All transactions were cash transactions.1. What is the amount of retained earnings at the beginning of Year 2?a.$ 50.b. $100.$150.none of the above.C.d.2. The amount of net income reported on the Year 2 income statement would be$400.$150.$ 50.a.b.C.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.a.b.C.$450.d.$ 50.5. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company'sassets would increase by $500.liabilities would decrease by $500.a.b.C.equity would increase by S500.d.revenue would decrease by $500.

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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 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.

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 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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