Problem 1: At the end of the current accounting period, account balances were as follows: Cash, $26,000 $26,000; Accounts Receivable, $42,000; Common Stock, $19,000; Retained Earnings, $10,000. Liabilities for the period were:
A) 39,000
B) 49,000
C) 58,000
D) 68,000
Problem 2: Revenues were $146,000, expenses were $140,000, and cash dividends declared and paid were $3,000. What were the net income and the change in retained earnings for the period?
Problem 3: The accounting equation can be expressed as
A. Assets + Liabilities = Equity.
B. Assets = Liabilities-Equity.
C. Equity-Assets = Liabilities.
D. Assets - liabilities = equity
Problem 4: During the year, FastClean Corporation has$330,000 in revenues, $95,000 in expenses, and $6,000 in dividend declarations and payments. Net income for the year was?
Problem 5: What item flows from the statement of retained earnings to the balance sheet?
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