Revenues were $170,000, expenses were $90,000, and cash dividends were $30,000. What was the net income and the change in retained earnings for the period?
A) Net income was $250,000; change in retained earnings was $250,000
B) Net income was $80,000; change in retained earnings was $80,000
C) Net income was $80,000; change in retained earnings was $50,000
D) Net income was $50,000; change in retained earnings was $50,000
Correct Answer:
Verified
Q9: Net income is computed as:
A)revenues - expenses.
B)revenues
Q10: Which financial statement provides a "snapshot photo"
Q11: Which financial statement must be prepared before
Q12: The acronym GAAP stands for:
A)Generally Acceptable Authorized
Q13: Who ultimately controls a corporation?
A)Board of Directors
B)The
Q15: Assets are generally classified as:
A)producing assets and
Q16: Stockholders' equity decreases as a result of:
A)owner
Q17: A net loss occurs when:
A)total revenues exceed
Q18: Assets appear on the:
A)statement of retained earnings.
B)income
Q19: Cost of goods sold appears on the:
A)balance
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