1-Chapter 1 Review Questions - BB

1-Chapter 1 Review Questions - BB - CHAPTER 1 Review...

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CHAPTER 1 Review Questions The following information pertains to the next four questions . At the beginning of 2010, X Company had assets of $300, liabilities of $150, and common stock of $50. During 2010 the company earned revenue of $400, incurred expenses of $250, and paid dividends of $100. All transactions were cash transactions. 1. What is the amount of retained earnings at the beginning of 2010? a. $ 50. b. $100. c. $150. d. none of the above. 2. The amount of net income reported on the 2010 income statement would be a. $400. b. $150. c. $ 50. d. none of the above. 3. The amount of retained earnings reported on the December 31, 2010 balance sheet would be a. $100. b. $250. c. $650. d. none of the above. 4. The amount of total assets reported on the December 31, 2010 balance sheet would be a. $350. b. $300. c. $450. d. $ 50. 5. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company’s a. assets would increase by $500. b.
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1-Chapter 1 Review Questions - BB - CHAPTER 1 Review...

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