Question

The following information pertains to the next three questions. At the beginning of 2012, X Company...

The following information pertains to the next three questions.

At the beginning of 2012, X Company had assets of $300, liabilities of $150, and common stock of $50. During 2012 the company earned revenue of $400, incrued expenses of $250, and paid dividends of $100. All tansactions were cash transactions.

21. The amount of net income reported on X company's December 31, 2012 income statement would be

A. $400

B. $150

C. $50

D. none of the above

22. The amount of retained earnings reported on X Company's December 31, 2012 balance sheet would be

A. $100

B. $150

C. $50

D. none of the above

23. The amount of total assets reported on X Company's December 31, 2012 balance sheet would be

A. $350

B. $300

C. $450

D. $50

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following information pertains to the next three questions. At the beginning of the current year,...
The following information pertains to the next three questions. At the beginning of the current year, X Company had assets of $1,800, liabilities of $900, and common stock of $300. During the current year, the company earned revenue of $2,250, incurred expenses of $1,500, and paid dividends of $300. All transactions were cash transactions. 1. The amount of net income reported on the income statement for the current year would be $900. $750. $450. none of the above. Question 2...
The following information pertains to ABC Company.   Estimated net income for 2019 = $500 Beginning retained...
The following information pertains to ABC Company.   Estimated net income for 2019 = $500 Beginning retained earnings, January 1, 2019 = $2,100 Estimated distributions to owners during 2019 = $300 What is the company's ending balance in retained earnings at the end of the year, December 31, 2019? a. $2,700 b. $2,500 c. $2,300 d. $2,200
Use the following data for the next five questions: A partially completed bank reconciliation for RACE...
Use the following data for the next five questions: A partially completed bank reconciliation for RACE Company at December 31, 2012, as well as additional data necessary to answer the questions, follow: RACE COMPANY Bank Reconciliation December 31, 2012 Balance per books $ 15,650 Add: (1) Deduct: (2) Adjusted cash balance $    Balance per bank statement $ 21,010 Add: (3) Deduct: (4) Adjusted cash balance $ Differences between book records and bank statement on December 31, 2012 are as...
The following data apply to the next two questions. Units Price Beginning Inventory 200 $1.20 First...
The following data apply to the next two questions. Units Price Beginning Inventory 200 $1.20 First Purchase 400 $1.30 Second Purchase 250 $1.40 Sales 550 $2.00 11. Assuming a FIFO cost flow, the amount of gross margin reported on the income statement would be a.    $405. b.    $695. c.    $415. d.    None of the above. 12. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be a.    $240. b.    $415. c.    $130. d.   ...
Lowell Inc. had the following inventory in fiscal 2012. The company uses the LIFO method of...
Lowell Inc. had the following inventory in fiscal 2012. The company uses the LIFO method of accounting for inventory. Beginning Inventory, August 1, 2011: 140 units @ $19.50 Purchase 300 units @ $19.00 Purchase 50 units @ $20.00 Purchase 120 units @ $20.30 Ending Inventory, July 31, 2012: 120 units The company's cost of goods sold for fiscal 2012 is: A. $ 9,526 B. $ 2,636 C. $11,866 D. $ 9,331 E. None of the above
Use the following to answer the next six questions MADONNA, INC. Unadjusted Trial Balance December 31,...
Use the following to answer the next six questions MADONNA, INC. Unadjusted Trial Balance December 31, 2012 DR CR Cash $ 51,000    Equipment 38,000    Retained Earnings $ 4,000 Accounts Payable 6,000 Unearned Fee Revenue 8,000 Accumulated Depreciation-Equipment 1,800 Accounts Receivable 1,500    Supplies 950    Salaries Expense 6,700    Common StockInsurance Expense 500 61,050 Fee RevenueRent Expense 4,200 30,000 Notes Receivable 8,000    $ 110,850 $ 110,850 1. On July 1, 2012, Madonna paid the landlord $4,200 for...
Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2010, for $3,800...
Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2010, for $3,800 cash. As of that date Hurley has the following trial balance: Debit Credit Cash $500 Accounts Receivable 600 Inventory 800 Buildings (net) (5 year life) 1,500 Equipment (net) (2 year life) 1,000 Land 900 Accounts Payable $400 Long-term liabilities (due 12/31/13) 1,800 Common Stock 1,000 Additional paid-in capital 600 Retained earnings 1,500 Total $5,300 $5,300 Net income and dividends reported by Hurley for 2010...
The following information pertains to Weber Company on December 31, 2019: Cash balance in checking account...
The following information pertains to Weber Company on December 31, 2019: Cash balance in checking account with Third Bank............ $ 3,000 Cash accumulated in a bond sinking fund account that will be used to pay off the bond in 5 years................................................ 15,000 Cash overdraft balance in checking account with Fifth Bank......................................................................... ……….        (3,500) 60-day U.S. Treasury Bills...................................................... 1,300 Currency and coins in petty cash fund....................................... 200 Instructions: Calculate the total amount that Weber Company should report as cash and cash...
Use for questions 21 and 22 -- Franco Company uses IFRS and owns a piece of...
Use for questions 21 and 22 -- Franco Company uses IFRS and owns a piece of property, plant and equipment that has a historical cost of 5,000,000. At December 31, 2011, the company reported a valuation reserve of 8,365,000 on all assets subject to revaluation. At December 31, 2012, the property, plant and equipment above was appraised at 5,325,000. 22. The valuation reserve at December 31, 2012 will be reported at:A. 8,040,000 on the Statement of Stockholders' Equity.B. 8,690,000 in...
Please use the following information to answer the next question. For JJ Incorporated: Cash Flows from...
Please use the following information to answer the next question. For JJ Incorporated: Cash Flows from Assets -------------------------------------------------------------- 100 dollars EBIT (from 1999 INCOME STATEMENT) ----------------------------------------0 dollars Depreciation Expense (from 1999 INCOME STATEMENT) -------------------- 0 dollars Taxes (from 1999 INCOME STATEMENT) ------------------------------------------- 0 Net Fixed Assets from BALANCE SHEET dated December 31, 1998------- 1400 dollars Net Fixed Assets from BALANCE SHEET dated December 31, 1999------- 1300 dollars Additions to (Changes in) NWC for 1999 ------------------------------------------- 0 dollars For CC Incorporated:...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT