Reference no: EM132453898
Accounting Questions -
Q1. At the end of the current accounting period, account balances were as follows: Cash, $26,000 $26,000; Accounts Receivable, $42,000; Common Stock, $19,000; Retained Earnings, $10,000. Liabilities for the period were:
A) 39,000
B) 49,000
C) 58,000
D) 68,000
Q2. Revenues were $146,000, expenses were $140,000, and cash dividends declared and paid were $3,000. What were the net income and the change in retained earnings for the period?
Q3. The accounting equation can be expressed as
A. Assets + Liabilities = Equity.
B. Assets = Liabilities-Equity.
C. Equity-Assets = Liabilities.
D. Assets - liabilities = equity
Q4. During the year, FastClean Corporation has$330,000 in revenues, $95,000 in expenses, and $6,000 in dividend declarations and payments. Net income for the year was?
Q5. What item flows from the statement of retained earnings to the balance sheet?
Record the transactions which occurred consecutively
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