1) What is the Net Income in the Income Statement at the year-end?a) $81,500b) $79,500c) None of the aboved) $88,500What is the Total Expense in the Income Statement at the year-end?a) 16,300b) $17,500c) $95,000d) 15,5003. What is the Total End Retained Earnings in the Financial Statement at the year-end?a) $16,000b) $63,500c) $0d) $79,500 ABC Inc. established its operation at January 1st, 2014.A) Enter all necessery Journal Entries that occured during the year.B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts.1) In January, Initial stock issuance:2) Bought Equipment for $ 28000, 10 years life, $8000 residual value3) November, paid total utility bills:4) In January, paid in advance rent for the two years:5) In February, received prepayment from a customer for service to be provided:6) Dec. 31st 2014, unearned revenue balance7) In December, Dividend declared:$280,000$28,000 $8,000$4,500$18,000$97,000$2,000$16,000

Financial statements includes income statement, balance sheet, cash flow statement. These are…

What is the Net Income in the Income Statement at the year-end? a) $81,500 b) $79,500 c) None of the above d) $88,500 What is the Total Expense in the Income Statement at the year-end? a) 16,300 b) $17,500 c) $95,000 d) 15,500 3. What is the Total End Retained Earnings in the Financial Statement at the year-end? a) $16,000 b) $63,500 c) $0 d) $79,500

What is the Net Income in the Income Statement at the year-end? a) $81,500 b) $79,500 c) None of the above d) $88,500 What is the Total Expense in the Income Statement at the year-end? a) 16,300 b) $17,500 c) $95,000 d) 15,500 3. What is the Total End Retained Earnings in the Financial Statement at the year-end? a) $16,000 b) $63,500 c) $0 d) $79,500

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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Question

100%

1) What is the Net Income in the Income Statement at the year-end?

a) $81,500

b) $79,500

c) None of the above

d) $88,500

What is the Total Expense in the Income Statement at the year-end?

a) 16,300

b) $17,500

c) $95,000

d) 15,500

3. What is the Total End Retained Earnings in the Financial Statement at the year-end?

a) $16,000

b) $63,500

c) $0

d) $79,500

ABC Inc. established its operation at January 1st, 2014.
A) Enter all necessery Journal Entries that occured during the year.
B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts.
1) In January, Initial stock issuance:
2) Bought Equipment for $ 28000, 10 years life, $8000 residual value
3) November, paid total utility bills:
4) In January, paid in advance rent for the two years:
5) In February, received prepayment from a customer for service to be provided:
6) Dec. 31st 2014, unearned revenue balance
7) In December, Dividend declared:
$280,000
$28,000 $8,000
$4,500
$18,000
$97,000
$2,000
$16,000

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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