Blue Fin started the current year with assets of $702,000,liabilities of $351,000 and common stock...

Blue Fin started the current year with assets of $702,000, liabilities of $351,000 and common stock of $202,000. During the current year, assets increased by $402,000, liabilities decreased by $51,000 and common stock increased by $277,000. There was no payment of dividends to owners during the year.

Use the information above to answer the following question. What was the amount of Blue Fin's net income for the year?

a.$176,000

b.$453,000

c.$226,000

d.$277,000

Solutions

Expert Solution

*Option(A) $176,000 is the correct answer.

*Accounting Equation, Assets=Liabilities + Stockholders Equity;

*Assets=Liabilities + Common stock + Retained Earnings;

Account Type	Normal balance	To be increased	To be decreased
Assets	Debit	Debit	Credit
Liabilities	Credit	Credit	Debit
Equity	Credit	Credit	Debit
Revenue	Credit	Credit	Debit
Expenses	Debit	Debit	Credit

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1. Blue Fin started the current year with assets of $716,000, liabilities of $358,000 and common...

1. Blue Fin started the current year with assets of $716,000, liabilities of $358,000 and common stock of $216,000. During the current year, assets increased by $416,000, liabilities decreased by $58,000 and common stock increased by $291,000. There was no payment of dividends to owners during the year. Based on this information, what was the amount of Blue Fin's retained earnings at the beginning of the year? 2. Blue Fin started the current year with assets of $711,000, liabilities of...

Golden Enterprises started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000. During...

Golden Enterprises started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000. During the year, the company earned revenue of $5,400 and incurred expenses of $3,200. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year. The amount of Golden's retained earnings at the end of the year is: $8,200. $1,400. $11,400. $6,800.

At the beginning of the year, a firm has current assets of $332 and current liabilities...

At the beginning of the year, a firm has current assets of $332 and current liabilities of $236. At the end of the year, the current assets are $501 and the current liabilities are $276. What is the change in net working capital? Multiple Choice $129 $0 $169 –$129 $209

a. Jack Repair Shop started the year with total assets of $300,000 and total liabilities of...

a. Jack Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the repair shop recorded $500,000 in computer repair revenues, $300,000 in expenses, and paid dividends of $50,000. The repair shop stockholders' equity at the end of the year was $___________. b. Costs of goods sold is $15,000 greater than net purchases. If beginning inventory is $110,000, what is ending inventory? Using COGS=BI+P-EI c. Revenue of $45,000 had been collected, but...

ABC Inc had current assets of $67,200 and current liabilities of $71,100 last year. This year,...

ABC Inc had current assets of $67,200 and current liabilities of $71,100 last year. This year, the current assets are $83,100 and the current liabilities are $85,100. The depreciation expense for the past year is $9,600 and the interest paid is $8,700. What is the amount of the change in net working capital? $1,900 $2,800 $1,400 $2,100 −$1,400

Oriole Service Shop started the year with total assets of $326000 and total liabilities of $241000....

Oriole Service Shop started the year with total assets of $326000 and total liabilities of $241000. During the year, the business recorded $629000 in revenues, $427000 in expenses, and owner drawings of $59400. The net income reported by Oriole Service Shop for the year was 142,600 227,600 241,000 202,000

Bramble Consulting started the year with total assets of $60500 and total liabilities of $15600. During...

Bramble Consulting started the year with total assets of $60500 and total liabilities of $15600. During the year, the business recorded $47900 in consulting revenues and $29300 in expenses. Bramble made an additional investment of $8900 and withdrew cash of $14900 during the year. Owner’s equity changed by what amount from the beginning of the year to the end of the year? a. 2500 b. 12,600 c. 15,100 d. 44,900

Westerman Inc. started the financial year 2015 with $1968 in current assets and $1348 in current...

Westerman Inc. started the financial year 2015 with $1968 in current assets and $1348 in current liabilities. The corresponding ending figures were $1992 and $1350. What was the change in net working capital during the year 2015? Select one: a. $22 b. $24 c. $2 d. $28

If current assets is $200,000, and current liabilities is $50,000 . what will be the current...

If current assets is $200,000, and current liabilities is $50,000 . what will be the current ratio.?

Andre's Dog House had current assets of $67,200 and current liabilities of $71,100 last year. This...

Andre's Dog House had current assets of $67,200 and current liabilities of $71,100 last year. This year, the current assets are $82,600 and the current liabilities are $85,100. The depreciation expense for the past year is $9,600 and the interest paid is $8,700. What is the amount of the change in net working capital (NWC)?

Subjects