10) During the current year, The Supply Co. Inc.'s total liabilities decreased by $26,700 and shareholder's equity increased by $4,150. By what amount and in what direction did Sue's total assets change during the same time period? A) $50,850 decrease. B) $50,850 increase. C) $22,550 decrease. D) $22,550 increase.

10) During the current year, The Supply Co. Inc.'s total liabilities decreased by $26,700 and shareholder's equity increased by $4,150. By what amount and in what direction did Sue's total assets change during the same time period? A) $50,850 decrease. B) $50,850 increase. C) $22,550 decrease. D) $22,550 increase.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
Montana Incorporated began the year with a retained earnings balance of $50,000. The company paid a total of $5,000 in dividends and experienced a net loss of $25,000 this year. What is the ending retained earnings balance?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000. The company paid a total of $14,000 in dividends and experienced a net loss of $20,000 this year. What is the ending retained earnings balance?
During the current year, Sue Shells, Incorporated’s total liabilities decreased by $25,300 and stockholders' equity increased by $4,850. By what amount and in what direction did Sue’s total assets change during the same time period? Multiple Choice $30,150 increase. $20,450 increase. $30,150 decrease. $20,450 decrease.
At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000. During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000. At the end of the year Unique has total assets of $672,000 and total equity of $377,000. What was the change in liabilities during the year? If your answer is a decrease in liabilities, enter your answer as a negative number.
Kim's Chemical Company reported total expenses for the year of $432,000, of which $378,000 of the expenses were paid in cash and the remainder will be paid in the following year. What effect did these activities have on the balance sheet of Kim's Chemical Company? Decrease total stockholders' equity by $378,000 and decrease total assets by $378,000. Decrease total assets by $432,000, decrease total liabilities by $54,000, and decrease total stockholders' equity by $378,000. Decrease total assets by $432,000 and decrease total stockholders' equity by $432,000. Decrease total stockholders' equity by $432,000, decrease total assets by $378,000 and increase total liabilities by $54,000. None of the above.
At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000. During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000. At the end of the year Unique has total assets of $672,000 and total equity of $377,000. Solve for all the unknown numbers and answer the following questions. What was the change in liabilities during the year? If your answer is a decrease in liabilities, enter your answer as a negative number. What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?
The following are all changes in the account balances of Chili Lime Ltd. during the current year, except for Retained Earnings: Increase(Decrease ) Increase(Decrease ) Cash $76,000 Accounts payable $(64,000 ) Accounts receivable (net) 59,000 Unearned revenue 18,000 Inventory 140,000 Bonds payable 69,000 Investments in FV-NI securities (23,000 ) Common shares 105,000 Contributed surplus 63,000 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $16,000, which was paid in the current year. Net income for the current year $enter the Net income for the current year in dollars
If the assets of a company increase by $100,000 during the year and its liabilities increase by $35,000 during the same year, then the change in equity of the company during the year must have been: a. An increase of $135,000. d. An increase of $65,000. b. A decrease of $135,000. e. An increase of $100,000. c. A decrease of $65,000.
Caring Company reported the following increases in account balances during the current year: Assets: P8,900,000; Liabilities: P2,700,000; Share capital: P5,000,000; Share premium: P400,000.There were no changes in retained earnings other than for a dividend payment of P300,000. What was the net income for the current year? *
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