The three types of events that affect retained earnings are dividends, revenues, and expenses. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Dividends are the expenses of a business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Distribution of dividends represents increases in retained earnings. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Common stock represents the basic ownership of every corporation. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The owners’ claims to the assets of the business are called ________. A) return on assets B) expenses C) equity D) debt ANSWER C
Date: September 2nd, 2020
Jackson Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Jackson Plumbing Services is its ________. A) revenue B) equity C) gain D) debt ANSWER A
Date: September 2nd, 2020
Assets are economic resources that have no future benefits for the business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Vista Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively During the year, the company did not issue any common stock, but it distributed dividends of $50,000. What is the amount of stockholders’ equity at […]
Date: September 2nd, 2020
Assets are something of value that the business owns or has control of. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Gatto Production Services started the year with total assets of $120,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $110,000 and $50,000, respectively During the year, the company did not issue any common stock, but it distributed dividends of $70,000. Calculate Gatto’s net income for the year. A) […]
Date: September 2nd, 2020
