York Casting Services started the year with total assets of $110,000 and total liabilities of $50,000. The revenues and the expenses for the year amounted to $140,000 and $50,000, respectively
During the year, the company did not issue any common stock, but it distributed dividends of $70,000. Calculate the amount of increase or decrease in stockholders' equity for the year.
A) a $20,000 increase
B) a $80,000 increase
C) a $60,000 decrease
D) a $70,000 increase
A .Equity (at the beginning of the year) = $110,000 - $50,000 = $60,000
Equity (at the end of the year) = Equity (beginning balance) - Dividends + Revenues - Expenses
Change in stockholders' equity for the
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Which of the following statements is correct?
a. Traditional costing systems are comparatively expensive to develop. b. Traditional costing systems are generally less accurate at allocating overheads. c. Activity–based costing and traditional systems often produce different product cost information. d. Activity–based costing is comparatively less time consuming.
Which of the following is the best example of the use of demographic segmentation?
A) Wonderla, a chain of amusement theme parks, targets families with children. B) Waveforms markets its surfboards to cities in coastal regions. C) Orchard Fresh sells its fruit-based ice -creams only in summer. D) Iron Horse designs custom motorcycle accessories for bikers.
A corporation may purchase its own shares only out of earned surplus unless the articles of incorporation or the shareholders permit purchase out of capital surplus
a. True b. False Indicate whether the statement is true or false
ABC LLC reported the following items on the LLC's Schedule K: ordinary income, $100,000; interest income, $3,000; long-term capital loss, ($4,000); charitable contributions, $1,000; post-1986 depreciation adjustment, $10,000; and cash distributions to partners, $50,000 . How much will ABC show as net income (loss) on its Analysis of Income (Loss)?
a. $68,000 b. $78,000 c. $95,000 d. $98,000 e. $102,000