Question

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

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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 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...
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...
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...
Income Statement, Lower Portion At the beginning of 2019, Cameron Company's retained earnings was $212,000. For...
Income Statement, Lower Portion At the beginning of 2019, Cameron Company's retained earnings was $212,000. For 2019, Cameron has calculated its pretax income from continuing operations to be $120,000. During 2019, the following events also occurred: During July, Cameron sold Division M (a component of the company). It has determined that the pretax income from the operations of Division M during 2019 totals $39,000 and that a pretax loss of $40,500 was incurred on the sale of Division M. Cameron...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 53,000 Land 58,000 88,000 Notes payable 95,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net...
A bookkeeper prepared the year-end financial statements of Parties, Inc. The income statement showed net income...
A bookkeeper prepared the year-end financial statements of Parties, Inc. The income statement showed net income of $3,900, and the balance sheet showed beginning retained earnings of $39,200. No dividends were declared or paid during the year. The firm's accountant reviewed the bookkeeper's work and determined that adjusting entries should be made which would increase revenues by $2,200, and decrease expenses by $900. a. What will be the amount of net income after the above adjustments are recorded?      b....
Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2019,...
Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2019, to be $181,000, based on an aging schedule of accounts receivable. Clark has also provided the following information: The accounts receivable balance on December 31, 2019 was $194,200. Uncollectible accounts receivable written off during 2019 totaled $13,600. The allowance for doubtful accounts balance on January 1, 2019 was $18,200. How much is Clark's 2019 bad debt expense? Multiple Choice A)$13,200. B)$8,600. C)$4,600. D)$17,800.
Q2. The income statement for Universal Corporation reported net income of $68,400 for the year ended...
Q2. The income statement for Universal Corporation reported net income of $68,400 for the year ended December 31 before considering the following: • During the year, the company purchased available-for-sale securities. • At year-end, the fair value of the investment portfolio was $8,100 more than cost. • The balance of Retained Earnings was $43,000 on January 1. • Dobson Corporation paid $11,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31.
Use the following information to answer questions 16-17 Retained earnings at the beginning of the year...
Use the following information to answer questions 16-17 Retained earnings at the beginning of the year was $50. During the year the company declared and paid dividends of $10, had revenues of $300, expenses of $240, capital expenditures of $30, paid-in-capital increased by $25 and debt increased by $40. There were no other transactions affecting equity during the year. ______16) What was net income for the year?                   A. $20                        B. $30                        C. $60                        D. some other amount ______17) What...
A merchandising company began in 2019 with​ $10,000 in cash and reported net income of​ $6,700...
A merchandising company began in 2019 with​ $10,000 in cash and reported net income of​ $6,700 on its 2019 income statement. During the year a loss of​ $250 was reported on the cash sale of a piece of equipment with a book value of​ $1,000. A new piece of equipment was purchased at a cost of​ $8,500 to replace the equipment that was sold. The company paid​ $1,500 from its available cash balance to purchase the equipment and took out...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT