21 net income is 29 000 beginning retained earnings were 34 000 ending retained earn 4311613

21) Net income is $29,000. Beginning retained earnings were $34,000. Ending retained earnings are $55,000. What amount of cash dividends was paid out?

A) $18,000

B) $8,000

C) $5,000

D) $60,000

22) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows:

A) Sharon deposits $7,000 into a new checking account for the company, receiving stock in exchange.

B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs.

C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account.

D) Reliable pays $600 rent for the first month.

E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future.

F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash.

G) Reliable pays dividends of $2,500.

After all of the transactions, what is the amount of total assets?

A) $25,700

B) $5,200

C) $24,200

D) $20,200

23) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows:

A) Sharon deposits $7,000 into a new checking account for the company, receiving stock in exchange.

B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs.

C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account.

D) Reliable pays $600 rent for the first month.

E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future.

F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash.

G) Reliable pays dividends of $2,500.

After all of the transactions, what is the amount of total liabilities?

A) $15,000

B) $4,000

C) $19,000

D) $4,400

24) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows:

A) Sharon deposits $7,000 into a new checking account for the company, receiving stock in exchange.

B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs.

C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account.

D) Reliable pays $600 rent for the first month.

E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future.

F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash.

G)  Reliable pays dividends of $2,500.

After all of the transactions, what is the amount of total stockholders' equity?

A) $5,200

B) $20,200

C) $7,700

D) $7,300

25) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows:

A) Sharon deposits $7,000 into a new checking account for the company, receiving stock in exchange.

B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs.

C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account.

D) Reliable pays $600 rent for the first month.

E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future.

F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash.

G) Reliable pays dividends of $2,500.

After all of the transactions, what is net income?

A) $700

B) $300

C) $4,500

D) $1,300

26) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows:

A) Sharon deposits $7,000 into a new checking account for the company, receiving stock in exchange.

B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs.

C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account.

D) Reliable pays $600 rent for the first month.

E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future.

F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash.

G) Reliable pays dividends of $2,500.

After all of the transactions, what is cash balance?

A) $15,800

B) $300

C) $4,500

D) $1,300

27) Following is a list of account balances (except for stockholders' equity) of Wilson Mowing Corporation as of December 31 of the first year of operation:

Accounts receivable	$  2,500
Accounts payable	3,500
Salary expense	4,500
Repairs expense	800
Truck	8,500
Equipment	6,300
Notes payable	8,200
Cash	6,800
Supplies expense	1,600
Service revenue	31,900
Gasoline expense	3,800
Salary payable	200

The sole stockholder, J.D. Wilson, contributed $3,000 at the beginning of the year in exchange for stock; during the year, the company paid J. D. Wilson $12,000 in dividends.

At the end of the year, what is the amount of total assets?

A) $12,200

B) $24,100

C) $11,900

D) $21,200

28) Following is a list of account balances (except for stockholders' equity) of Wilson Mowing Corporation as of December 31 of the first year of operation:

Accounts receivable	$  2,500
Accounts payable	3,500
Salary expense	4,500
Repairs expense	800
Truck	8,500
Equipment	6,300
Notes payable	8,200
Cash	6,800
Supplies expense	1,600
Service revenue	31,900
Gasoline expense	3,800
Salary payable	200

The sole stockholder, J.D. Wilson, contributed $3,000 at the beginning of the year in exchange for stock: during the year, the company paid J.D. Wilson $12,000 in dividends.

At the end of the year, what is the amount of total liabilities?

A) $11,900

B) $24,100

C) $21,200

D) $12,200

29) Following is a list of account balances (except for stockholders' equity) of Wilson Mowing Corporation as of December 31 of the first year of operation:

Accounts receivable	$  2,500
Accounts payable	3,500
Salary expense	4,500
Repairs expense	800
Truck	8,500
Equipment	6,300
Notes payable	8,200
Cash	6,800
Supplies expense	1,600
Service revenue	31,900
Gasoline expense	3,800
Salary payable	200

The sole stockholder, J.D. Wilson, contributed $3,000 at the beginning of the year in exchange for stock; during the year, the company paid J.D. Wilson $12,000 in dividends.

At the end of the year, what is the amount of total stockholders' equity?

A) $11,900

B) $24,100

C) $21,200

D) $12,200

30) Following is a list of account balances (except for stockholders' equity) of Wilson Mowing Corporation as of December 31 of the first year of operation:

Accounts receivable	$  2,500
Accounts payable	3,500
Salary expense	4,500
Repairs expense	800
Truck	8,500
Equipment	6,300
Notes payable	8,200
Cash	6,800
Supplies expense	1,600
Service revenue	31,900
Gasoline expense	3,800
Salary payable	200

The sole stockholder, J.D. Wilson, contributed $3,000 at the beginning of the year in exchange for stock; during the year, the company paid J.D. Wilson $12,000 in dividends.

At the end of the year, what is net income?

A) $21,200

B) $11,900

C) $12,200

D) $24,100

31) The assets and liabilities of Matt Wesley Corporation are as follows: Cash, $10,000; Accounts receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts payable, $6,530. What is the amount of stockholders' equity?

A) $21,500

B) $44,430

C) $50,780

D) $37,720

32) The total assets and the total liabilities of Ty Williams, CPA, PC are shown below. During the year, the corporation paid dividends of $15,000.

	Assets	Liabilities
Beginning of year	$395,000	$290,000
End of year	455,000	320,000

What was the amount of net income for the year?

A) $85,000

B) $40,000

C) $45,000

D) $135,000

33) The total assets and the total liabilities of Paragon, Inc. are shown below. During the year, the corporation earned net income of $50,000.

	Assets	Liabilities
Beginning of year	$395,000	$290,000
End of year	455,000	320,000

What was the amount of dividends paid during the year?

A) $85,000

B) $40,000

C) $45,000

D) $20,000

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