1. A firm reports revenues of $200 million during 2008. The firm incurred several expenses in order to earn these revenues. How much were the expenses in 2008 if the firm reported a Net Income of $30 million in 2008?

1. A firm reported in its Balance Sheet for 2008 current assets of $50, Non current assets of $150, Liabilities of $40, and Retained Earnings of $60. What was the firms Contributed Capital?

1. Suppose the firm in Q.2 above earns Net Income of $50 in 2009 and pays dividends of $20 in 2009. What would be the ending balance in Retained Earnings in 2009?

1. Firm A reported Total Assets of $250 and $300 at the end of 2008 and 2009 respectively. The firm reported Total Liabilities of $60 and $90 in 2008 and 2009. If the firm had Contributed Capital of 100 in both years and paid no dividends what was Net Income for 2009?

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Answers to your Financial Accounting Questions 1 Expenses in 2008 We can find the expenses using the following equation Revenue Expenses Net Income Kn... View the full answer