Blossom Company began the year with retained earnings of $390000. During the year, the company recorded revenues of $489000, expenses of $379000, and paid dividends of $44500. What was Blossom retained earnings at the end of the year

A. 489000 B. 455500 C. 533500 D. 833500

2. Nash's Trading Post, LLC began the year by issuing $75000 of common stock for cash. The company recorded revenues of $725000, expenses of $625000, and paid dividends of $35000. What was Nash's,LLC net income for the year?

A. 140000 B. 100000 C. 175000 D.65000

3. Whispering Winds Corp. started the year with total assets of $315000 and total liabilities of $255000. During the year the business recorded $634000 in revenues, $331000 in expenses, and dividends of $58000. Stockholders? equity at the end of the year was

A. 275000 B. 363000 C. 305000 D. 247000

4. If total liabilities decreased by $70000 and stockholders? equity increased by $18000 during a period of time, then total assets must change by what amount and direction during that same period?

A. $88000 increase B. $52000 increase C. $70000 increase D.$52000 decrease

5.

Sheffield Corp. compiled the following financial information as of December 31, 2017:

Service revenue	$843000
Common stock	183000
Equipment	245000
Operating expenses	744000
Cash	201000
Dividends	59000
Supplies	25000
Accounts payable	124000
Accounts receivable	88500
Retained earnings, 1/1/17	426000

Sheffield assets on December 31, 2017 are:

A. $1399500.

B. $559500.

C. $1009500.

D. $490000.

Answer rating: 100% (QA)

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