give answer please teacher Willie Company's retained earnings increased by $20,000 during 2016.What was Willie's 2016 net income or loss, given that Willie declared$25,000 of dividends during 2016?a. Net income was $5,000.b. Net income was $45,000.c. Net loss was $45,000.d. Net loss was $5,000.

Step 1: What is Income Statement:The accounts reported on the income statement are the first to…

Answered: Willie Company's retained earnings…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Please give me answer financial Accounting
I need answer of this question accounting
for the year 2016, net income of carol company is 20,000 and dividends declared are $6,000; what is the retained earnings
Willie Company's retained earnings increased $13,000 during 2014. What was Willie's 2014 net income or loss given that Willie declared $24,000 of dividends during 2014?
Please give
Stosch Company's balance sheet reported assets of $117,000, liabilities of $30,000 and common stock of $27,000 as of December 31, 2015. If Retained Earnings on the December 31, 2016 balance sheet is $78,000 and Stosch paid a $29,000 dividend during 2016, then the amount of net income for 2016 was which of the following? $47,000 $60,000 $29,000 $18,000
Blossom Construction Company earned $474,000 during the year ended June 30, 2017. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $846,060 at the end of fiscal year 2017, what were the retained earnings on its balance sheet on July 1, 2016? Balance of retained earnings, July 1, 2016 $enter balance of retained earnings on July 1, 2016
Determine the Retained Earnings balance on December 31, 2015 based on the following: 2014 Revenues: $1,500,000 2016 Revenues: $1,800,000 Retained Earnings Balance (December 31, 2014): $380,000 2015 Expenses: $1,200,000 Total Liabilities: $285,000 Total Current Asset: $900,000 Dividend rate: 20% of net income. A : $620,000 B : $1,280,000 C : $500,000 D : $860,000
Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was $1,400,000, and a cash dividends declared and paid during 2017 totaled $75,000. Compute the retained earnings statement for the year ended December 30, 2017
Blossom Company has retained earnings of $ 1,540,000 at January 1, 2017. Net income during 2017 was $ 590,000 and cash dividends declared during the year totaled $ 129,000. Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings fırst.) BLOSSOM COMPANY Retained Earnings Statement V : $ %24 %24 >
Provide Answer with calculation and explanation
Towson Company’s Assets and Liabilities on January 1, 2016 were $85,600 and $62,400 respectively. During the year 2016, the stockholders invested an additional $5,500, while the company generated $14,300 of revenues, and incurred $7,900 of expenses. If the company’s assets and liabilities on December 31, 2016 were $101,300 and $67,500 respectively, determine the dividends paid by the company during 2016.

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Willie Company's retained earnings increased by $20,000 during 2016. What was Willie's 2016 net income or loss, given that Willie declared $25,000 of dividends during 2016? a. Net income was $5,000. b. Net income was $45,000. c. Net loss was $45,000. d. Net loss was $5,000.