Question:
6.The Southern Company began the accounting period with assets of $600, common stock of $200, and retained earnings of $250. During the period, revenue was $300, expenses were $200, and dividends were $50. Common stock was unchanged during the accounting period. Liabilities decreased by $100.
Based on this information,
a.net income amounted to $50.
b.total assets at the end of the period were $550.
c.retained earnings at the end of the period amounted to $350.
d.liabilities at the end of the period amounted to $100.
a.
A
No clue
not to do your homework, but.
net income should be $100 ($300-$200)
assets are $550 ($600+$300-$200-$50-$100)
Retained earnings are $300 ($250+100 (NI)-$50)
Liabilities at the end of the period are $50 ($600-200-250-100)
Guy, CPA
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