The year-end financial statements of ABC Company contained the following elements and corresponding amounts:ElementAmountAssets$65,000Liabilities$6,000Common Stock$50,000Beginning Retained Earnings $10,000Ending Retained Earnings$9,000Revenue$4,000Dividends$1,500Based on this information, the amount of Expenses on ABC Company's Income Statement was:$500$3,500$2,000$1,000

Income Statement: An income statement is a type of financial statement that displays how much money…

The year-end financial statements of ABC Company contained the following elements and corres- Element Amount Assets $65,000 Liabilities Common Stock Beginning Retained Earnings $10,000 Ending Retained Earnings $6,000 $50,000 $9,000 Revenue $4,000 Dividends $1,500 Statement was

The year-end financial statements of ABC Company contained the following elements and corres- Element Amount Assets $65,000 Liabilities Common Stock Beginning Retained Earnings $10,000 Ending Retained Earnings $6,000 $50,000 $9,000 Revenue $4,000 Dividends $1,500 Statement was

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

The year-end financial statements of ABC Company contained the following elements and corresponding amounts:
Element
Amount
Assets
$65,000
Liabilities
$6,000
Common Stock
$50,000
Beginning Retained Earnings $10,000
Ending Retained Earnings
$9,000
Revenue
$4,000
Dividends
$1,500
Based on this information, the amount of Expenses on ABC Company's Income Statement was:
$500
$3,500
$2,000
$1,000

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