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3 years ago

Madrid Company has provided the following data (ignore income taxes):

Business

2 answers:

Romashka [77]3 years ago

8 0

Answer:

C.Retained earnings increased $33,900 during 2014.

Explanation:

Total expenses during the year=Revenue- net income

=77,500-33,900

=$43,600

Therefore, option A. is correct

Total Liabilities=Total assets-total equity

=217,000-123,000

=$94,000

Therefore, option B. is correct

The formula for calculating Retained earnings is given as follows:

Retained earnings at year end=Opening retained earnings+net income-dividend paid.

83,000=opening retained earnings+33,900-5,700

opening retained earnings=83,000-33,900+5,700

=54,800

Change in retained earnings=closing retained earnings-opening retained earnings

Change in retained earnings=83,000-54,800=28,200

Therefore, Option C. is not correct

Common stock at December 31, 2014=total equity-total retained earnings

=123,000-83,000

=$40,000

Therefore, Option D. is correct

Based on the above discussion the answer is C.Retained earnings increased $33,900 during 2014.

Charra [1.4K]3 years ago

4 0

Answer:

letter c trust me

Explanation:

Retained earnings increased $33,900 during 2014.

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