1. Quartz Instruments had Retained Earnings of $146,000 at December 31, 2015. Net income for 2016 was $91,000, and dividends for 2016 were $31,000. What amount of Retained Earnings should be reported at December 31, 2016?

$146,000

$206,000

$237,000
$177,000

Consider the following information from a company’s unadjusted trial balance at December 31, 2015. All accounts have normal balances.

Accounts receivable	$	5,700
Accounts payable		710
Cash		1,820
Service revenue		7,060
Common stock		5,200
Equipment		6,100
Insurance expense		460
Land		5,000
Notes payable, due 2018		5,200
Notes receivable, matures 2016		1,320
Prepaid insurance		460
Rent expense		1,460
Retained earning, January 1, 2015		7,970
Salaries and wages expense		3,820

What is the total of the debit side of the unadjusted trial balance?

$20,940.

$17,640.

$20,230.

$26,140.

Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery:

Current Assets	$	50,000
Property and Equipment, net		70,000
Current Liabilities		50,000
Noncurrent Liabilities		40,000
Stockholder’s Equity		22,000
Sales Revenue		60,000
Net Income		22,200

What was the net profit margin ratio?

44.00%

18.50%

37.00%

99.10%

Answer rating: 100% (QA)

1 Answer Option b 206000 Opening retained earnings Net income during the yea... View the full answer