UGBA 102A Study Guide - Midterm Guide: Retained Earnings, Accounts Payable, Net Income
6 Mar 2017
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Practice exam 1 answer key: atlantic corporation reported the following amounts at the end of the first year of operations: common stock ,000; sales revenue ,000; total assets ,000; dividends declared ,000; and total liabilities ,000. Stockholders" equity (,000 r,000) = contributed capital (,000) + Retained earnings (,000) = net income (,000) - dividends (,000). Net income (,000) = sales revenue (,000) - expenses (,000): which of the following is considered to be an expense on the income statement, accounts payable, notes payable, wages payable, cost of goods sold. A balance sheet has two sides: the left side is assets and the right side has both liabilities and stockholders" equity. The total balance from each side must equal each other. Assets = liabilities + stockholders" equity: madrid company has provided the following data (ignore income taxes): 2014 revenues were ,500. Dividends declared and paid during 2014 totaled ,700. Total assets at december 31, 2014 were ,000.
