Wilcox Park, Inc. acquired additional assets of $370,000 during 2022. Total revenues were $760,000 and expenses were $580,000. The Company's board of directors declared and paid $12,000 in dividends during the year. If no other equity transactions were made, what was the change in Wilcox Park's liabilities during 2022? a. Increase of $202,000. b. Increase of $168,000. c. Increase of $370,000. d. Decrease of $180,000.
Wilcox Park, Inc. acquired additional assets of $370,000 during 2022. Total revenues were $760,000 and expenses were $580,000. The Company's board of directors declared and paid $12,000 in dividends during the year. If no other equity transactions were made, what was the change in Wilcox Park's liabilities during 2022? a. Increase of $202,000. b. Increase of $168,000. c. Increase of $370,000. d. Decrease of $180,000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...
Related questions
Question
Accounting
Wilcox Park, Inc. acquired additional assets of $370,000 during 2022. Total revenues were $760,000 and expenses were $580,000. The Company's board of directors declared and paid $12,000 in dividends during the year. If no other equity transactions were made, what was the change in Wilcox Park's liabilities during 2022?
a.
Increase of $202,000.
b.
Increase of $168,000.
c.
Increase of $370,000.
d.
Decrease of $180,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT