Accounting Questions
At the end of 2011, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2011 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2011 was
[pic]
|[pic] |$850. |
|[pic][pic] |$1,350. |
|[pic] |$4,000. |
|[pic] |$2,150. |
GAAP" stands for
[pic]
|[pic] |Generally Authorized Auditing Principles |
|[pic] |Government Authorized Accounting Procedures |
|[pic] |Generally Applied Accounting Procedures |
|[pic][pic] |Generally Accepted Accounting Principles |
The total equity of Timberlake Company at the beginning of 2011 amounted to $3,500. During 2011 the company reported net income of $1,800 and paid a $500 dividend. If retained earnings at the end of 2011 is $2,200, what was beginning contributed capital?
[pic]
|[pic] |$2,100 |
|[pic] |$3,100 |
|[pic] |$400
[pic]
|[pic] |$850. |
|[pic][pic] |$1,350. |
|[pic] |$4,000. |
|[pic] |$2,150. |
GAAP" stands for
[pic]
|[pic] |Generally Authorized Auditing Principles |
|[pic] |Government Authorized Accounting Procedures |
|[pic] |Generally Applied Accounting Procedures |
|[pic][pic] |Generally Accepted Accounting Principles |
The total equity of Timberlake Company at the beginning of 2011 amounted to $3,500. During 2011 the company reported net income of $1,800 and paid a $500 dividend. If retained earnings at the end of 2011 is $2,200, what was beginning contributed capital?
[pic]
|[pic] |$2,100 |
|[pic] |$3,100 |
|[pic] |$400