Accounting assignment

Name: Class: Date Chapter 1 and 2 How much will be reported as retained earnings on Marcos' balance sheet at December 31, 2016, if this is the first year of operations? a. $ 45,000 b. $ 65,000 c. $ 85,000 d. Not enough information is provided. Moore Industries Moore Industries began operations on January 2, 2016, with an investment of $50,000 by each of its two stockholders. Net income for its first year of business was $240,000. Moore Industries paid a total of $100,000 in dividends to its stockholders during the year. 12. Read the information about Moore Industries. What is the company's retained earnings balance at December 31, 2016? a. $140,000 b. $190,000 c. $240,000 d. $340,000 13. Which concept is the reason the dollar is used in the preparation of financial statements? a. Going concern b. Legal entity c. Consistency d. None of these choices. 14. Read the information about Moore Industries. The company's dividends for the year a. Reduce the amount of capital stock reported by the company. b. Are part of Moore Industries' operating costs. c. Are reported on the statement of retained earnings. d. Are an expense of Moore Industries. 15. Dimension Inc. had net income for 2016 of $24,000. It declared and paid a $13,000 cash dividend in 2016. If the company's retained earnings for the end of the year was $39,600, what was the company's retained earnings balance at the beginning of 2016? a. $28,600 b. $50,600 c. $76,600 d. $2,600 Marvel Shoes Marvel Shoes reported the following items on its statement of cash flows for the current year: Page 3