Question: this is a question from my financial accounting class QUESTION 1 A firm reports revenues of $200 during 2008. The firm incurred several expenses in

this is a question from my financial accounting classthis is a question from my financial accounting class QUESTION 1 A

QUESTION 1 A firm reports revenues of $200 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 in 2008? QUESTION 2 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 firm's Contributed Capital? QUESTION 3 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? QUESTION 4 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!