26.The recording of assets on the balance sheet is based primarily upon:
27.The balance sheet item that represents the portion of owners' equity resulting from profitable operations of the business is:
28.At December 31, 2014, the accounting records of Hercules Manufacturing, Inc. contain the following items:(Note: Capital Stock is another term for Contributed Capital.) If total assets of Hercules Manufacturing, Inc. are $556,000, Retained Earnings at December 31, 2014, must be:
29.Waldorf Co. had the following transactions during the month of October 2014:* Cash received from bank loans was $60,000.* Dividends of $18,500 were paid to stockholders in cash.* Revenues earned and received in cash amounted to $100,500.* Expenses incurred and paid were $78,000.What amount of net income will be reported on an income statement for the month of October?A.$18,500.B.$22,500.C.$78,000.D.$100,500.