32) River Runners, Inc. reported the following information in its financials for the year ended December 31, 2012:
Dividends$ 3,000
Net Income45,000
Total expenses50,000
Retained earnings - beginning balance Jan. 1, 201230,000
Accounts receivable20,000
1. What were the company's revenues?
2. How much of the past profits have been kept by the company as of December 31?
3. How much do customers owe River Runners as of December 31, 2012?
33) Why is it necessary to adjust the books?
34) Beta Company reported the following information in its year ended December 31, 2012 financials:
Net income$ 15,000
Sales revenue75,000
Retained earnings - beginning balance16,000
Dividends4,000
1. What were the company's total expenses?
2. How much of the company's profits have been kept by the company as of
1/1/12?
3. What is the balance of retained earnings at December 31, 2012?
35) Use the following information for DeltaCo for the year ended December 31, 2011 to answer the questions below. Assume no new common stock was issued during the year.
Expenses for the year
|
$ 700
|
Net income
|
200
|
Retained earnings, December 31, 2010
|
600
|
Retained earnings, December 31, 2011
|
500
|
Total shareholders' equity at December 31,2010
|
900
|
Total assets at December 31, 2010
|
1,200
|
Total assets at December 31, 2011
|
1,300
|
1. What were the total revenues for the year?
2. What was the dividend during the year?
3. What were the total liabilities on the balance sheet at December 31, 2011?
4. How much is contributed capital at December 31, 2011?
36) Match each of the accounts listed below with the appropriate balance sheet classification.
a. Assets
b. Liabilities
c. Shareholders' equity
_____ 1. Accounts receivable
_____ 2. Retained earnings
_____ 3. Accounts payable
_____ 4. Cash
_____ 5. Contributed capital
_____ 6. Notes payable
_____ 7. Inventory
_____ 8. Common stock