1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lapo4ka [179]
3 years ago
6

Lena Company has provided the following data (gnore income taxes); 2016 revenues were $77,000. 2016 expenses were $48,600. Divid

ends declared and paid during 2016 totaled $7,700. Total assets at December 31, 2016 were $185,000. Total liabilities at December 31, 2016 were $105,000. Common stock at December 31, 2016 was $27,000. Which of the following is correct? a. 2016 net income was $20,700 b. Retained earnings at December 31, 2016 were $20.700. c. Total stockholders' equity at December 31, 2016 was $244.000. d. Retained earnings at December 31, 2016 were $53,000.
Business
1 answer:
Ilya [14]3 years ago
5 0

Answer:

Option (b) is correct.

Explanation:

(a) Net Income:

= Revenues - Expenses

= $77,000 - $48,600

= $ 28,400

(b) Retained earnings :

= Net Income - Dividend

= $ 28,400 - $7,700

= $20,700

(c) Stockholders' Equity:

= Total assets - Total Liabilities

= 185,000 - $105,000

= $80,000

Therefore, the retained earnings at December 31, 2016 were $20,700.

You might be interested in
A truck driver fell asleep at the wheel and his freight truck tipped over, leaking ammonia into the air and requiring an evacuat
Katena32 [7]
They both could be working together to find out how and when the truck driver would have fallen asleep and what could have caused him to fall asleep. Next, they could both figure out if the ammonia was in sealed containers and if not why. You could even come to the conclusion of the ammonia could have leaked from the containers and exposed the driver putting him to sleep. 
8 0
3 years ago
Use this image to answer the following question. The ice cream shop needs about two pounds of cocoa for each gallon of chocolate
navik [9.2K]
I think this is a trick question. Say, there are 2 pounds of cocoa / 1 gallon of chocolate ice cream. But then the problem only mentions the production of eight gallons of <em>strawberry</em> ice cream, not chocolate ice cream.

However, if they're somehow related (like they are made from the same machine), then you need 16 pounds of cocoa to produce 8 gallons of chocolate ice cream. 
3 0
3 years ago
Ana runs a small jewelry-making business from her home. She has no full-time employees, but she does pay her son (age 15) to hel
RoseWind [281]

Answer:

"1"

Explanation:

Fair labor standard acts is a business law implemented to immune workers from unfavorable work practices and regulations.

It covers the area of minimum wages , overtime payment and child labor.

As the standard work hours is 40hours , any clocked time in excess of 40 hours must be paid overtime at premium of 1.5 rate of the normal rate.This means that Ana's son should be paid overtime at a minimum rate of $7.5 for the extra 20hrs he worked.

The exception to the minimum age requirements under the child labor acts allows parents to employ their child of any age covers   Ana's employment of his child in his business

7 0
3 years ago
At the equilibrium level of income in the Keynesian model, which of the following statements is nottrue?
ZanzabumX [31]

Answer:

c. There are more unemployed resources.

Explanation:

Equilibrium level of income is the level of income where aggregate supply in the economy is consistent with aggregate demand. that is the level of income planned savings is equal to planned expenditure. the equation can be written as S = I. where S = savings and I = investments

At equilibrium income level, aggregate expenditure is equal to aggregate output. The equilibrium equation can be written as Y = C+I+G+X-M where

Y = national income, I = investment expenditure of the firm, G = government expenditure on goods and services, X = export, M = import.

7 0
3 years ago
Suppose that Billy McGee owns the Internet domain www.ironmaiden.com. Iron Maiden, the legendary British heavy metal band, was g
Eduardwww [97]

Answer:

B

Explanation:

Coase theorem states that in a situation of conflicting property right . the trading parties should be able to arrive at a mutually benefiting term that should cover the the  cost and other underlying value of the property involved.

In the scenario above , for  Billy McGee to retain the domain name as the WIPO has already given the right to Iron maiden , he will have to pay iron maiden more than the value to iron maiden and less than the value to him so that the two can mutually benefit from the transaction

5 0
3 years ago
Other questions:
  • When the Wright brothers designed their aircraft, they built a wind tunnel to model the aerodynamics of different wing designs.
    11·1 answer
  • "______ accounting uses adjusting entries to reflect economic reality even when there is _______ involved in the transaction. Th
    8·1 answer
  • Identify the following questions as most likely to be asked by an internal or an external user of accounting information
    9·1 answer
  • How you might reorient yourself to your own job
    13·1 answer
  • Since the colonial period, the census has revealed
    13·1 answer
  • Catherine received a significant amount of traffic to her online pet store after launching her Display campaign. Unfortunately,
    13·2 answers
  • The Whistling Straits Corporation needs to raise $70 million to finance its expansion into new markets. The company will sell ne
    9·1 answer
  • A. trade-off<br>B. investment<br>C. frontier<br>D. growth ​
    13·1 answer
  • 4. Will car insurance be more expensive leasing a car or buying a car?​
    8·2 answers
  • 2. List three interpersonal skills that sales associates need.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!