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Ashley's Accessory Shop started the year with total assets of $350,000 and total liabilities of $100,000. During the year the business recorded $250,000 in revenues, $80,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was $130,000 $250,000 $420,000 $360,000 QUESTION 21 A company began the year with retained earnings of $500,000. During the year, the company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What was the company's retained earnings at the end of the year? $450,000 $500,000 OOOO $350,000 $650,000 QUESTION 22 In the first month of operations, the total of the debit entries to the Cash account amounted to $1,500 and the total of the credit entries to the Cash account amounted to $700. The Cash account has a $600 credit balance $800 credit balance $600 debit balance QUESTION 18 Which of the following statements is FALSE? Collecting cash before delivery of a good or service does not create revenue on the income statement as of the date of collection. Revenue is recognized at the time of delivery of the goods or services regardless of when the cash is received. Revenue isn't recognized at the time of delivery of goods and services if cash is received after delivery of the goods and services. Collecting cash after delivery of a good or service does not create revenue on the income statement as of the date of collection QUESTION 19 Kingery Corporation has current assets of $1,000,000 and current liabilities of $700,000. If they pay $200,000 of their accounts payable what will their new current ratio be? 1.60 1.14 1.43 2.00