Question
1. Rock Springs Mountain Company has beginning retained earnings of $600,000, earns a net income of...
1. Rock Springs Mountain Company has beginning retained earnings
of $600,000, earns a net income of $100,000, and pays dividends of
$12,000 during the period.
The balance in Rock Springs' Mountain’s ending retained earnings
is:
A. $712,000
B. $688,000
C. $700,000
D. $488,000
2. Henrietta Company reported total stockholders’ equity of $870,000 on its Dec 31, 2018, balance sheet. The following information is available for the year ended Dec 31, 2019:
|
Revenues |
$1,260,000 |
|
Expenses |
990,000 |
|
Assets on Dec. 31, 2019 |
2,432,000 |
What are the total liabilities of the company on December 31,
2019?
A. $2,432,000
B. $1,292,000
C. $ 562,000
D. $1,260,000
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