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taxes):   2014 revenues were $80,500. 2014 net income was $34,500. Dividends declared and paid during 2014 totaled $6,300. Total assets at December 31, 2014 were $223,000. Total stockholders' equity at December 31, 2014 was $130,000. Retained earnings at December 31, 2014 were $85,000.   Which of the following is not correct?

taxes):   2014 revenues were $80,500. 2014 net income was $34,500. Dividends declared and paid during 2014 totaled $6,300. Total assets at December 31, 2014 were $223,000. Total stockholders' equity at December 31, 2014 was $130,000. Retained earnings at December 31, 2014 were $85,000.   Which of the following is not correct?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 3MCQ: At December 31, Pitt Inc. has assets of $12,900 and liabilities of $6,300. What is the stock-holders...
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Madrid Company has provided the following data (ignore income taxes):
 
2014 revenues were $80,500.
2014 net income was $34,500.
Dividends declared and paid during 2014 totaled $6,300.
Total assets at December 31, 2014 were $223,000.
Total stockholders' equity at December 31, 2014 was $130,000.
Retained earnings at December 31, 2014 were $85,000.
 
Which of the following is not correct?
O O O Common stock at December 31, 2014 was $45,000. 2014 expenses were $46,000. Retained earnings increased $34,500 during 2014. Total liabilities at December 31, 2014 were $93,000.
Transcribed Image Text:O O O Common stock at December 31, 2014 was $45,000. 2014 expenses were $46,000. Retained earnings increased $34,500 during 2014. Total liabilities at December 31, 2014 were $93,000.
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