59. one of the following equations represents retained earnings activity? A. Beginning balance + net income + dividends = profits for the year B. Beginning balance + cash inflows - cash outflows = ending balance C. Beginning balance + dividends - net income = ending balance D. Beginning balance + net income - dividends = ending balance 60. Garage Solutions Garage Solutions began operations on January 2, 2012, with an investment of $50,000 by each of its two stockholders. Net income for its first year of business was $240,000. Garage Solutions paid a total of $100,000 in dividends to its stockholders during the year. Read the information about Garage Solutions. What is the company’s retained earnings balance at December 31, 2012? A. $140,000 B. $190,000 C. $240,000 D. $340,000 61. Garage Solutions Garage Solutions began operations on January 2, 2012, with an investment of $50,000 by each of its two stockholders. Net income for its first year of business was $240,000. Garage Solutions paid a total of $100,000 in dividends to its stockholders during the year. Read the information about Garage Solutions. If the company’s revenues were $500,000 for the year ended December 31, 2012, how much were total expenses? A. $160,000 B. $260,000 C. $640,000 D. $740,000 62. Read the information about Garage Solutions. The company’s dividends for the year A. Reduce the amount of capital stock reported by the company B. Are part of Garage Solutions' operating costs C. Are reported on the statement of retained earnings D. Are an expense of Garage Solutions
59. one of the following equations represents retained earnings activity? A. Beginning balance + net income + dividends = profits for the year B. Beginning balance + cash inflows - cash outflows = ending balance C. Beginning balance + dividends - net income = ending balance D. Beginning balance + net income - dividends = ending balance 60. Garage Solutions Garage Solutions began operations on January 2, 2012, with an investment of $50,000 by each of its two stockholders. Net income for its first year of business was $240,000. Garage Solutions paid a total of $100,000 in dividends to its stockholders during the year. Read the information about Garage Solutions. What is the company’s retained earnings balance at December 31, 2012? A. $140,000 B. $190,000 C. $240,000 D. $340,000 61. Garage Solutions Garage Solutions began operations on January 2, 2012, with an investment of $50,000 by each of its two stockholders. Net income for its first year of business was $240,000. Garage Solutions paid a total of $100,000 in dividends to its stockholders during the year. Read the information about Garage Solutions. If the company’s revenues were $500,000 for the year ended December 31, 2012, how much were total expenses? A. $160,000 B. $260,000 C. $640,000 D. $740,000 62. Read the information about Garage Solutions. The company’s dividends for the year A. Reduce the amount of capital stock reported by the company B. Are part of Garage Solutions' operating costs C. Are reported on the statement of retained earnings D. Are an expense of Garage Solutions
Test-Bank-Using-Financial-Accounting-Information-7th-Edition-Porter.docx