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U8i4 Construction Company has the following account balances reported on its financial statements on December 31,...

U8i4 Construction Company has the following account balances reported on its financial statements on December 31, 2019. In addition, the company did not issue any common stock during 2019. All accounts on financial statements have been adjusted and reported.

Equipment (net) $550               

Deferred revenue 145

Salaries expense 60

Depreciation for the year 90

Common stock 60

Supplies 100                             

Notes payable 180

Service revenue   360

Cash 100

Dividend paid during the year 20

Retained earnings                           ?

Required: Please choose the best answer for the following three questions based on the above information.

What is the net income reported in 2019?

multiple choice 1

  • $125

  • $190

  • $210

  • $280

What is the balance of total assets on December 31, 2019?

multiple choice 2

  • $660

  • $895

  • $835

  • $750

What is the balance of retained earnings on December 31, 2019?

multiple choice 3

  • $595

  • $295

  • $365

  • $675

Solutions

Expert Solution

1

Answer is 210

Income Statement
Service Revenue          360
Less: Salary            60
Less : Depreciation            90
Net Income         210

2

answer is 750

Balancesheet
Asset
Cash          100
Supplies          100
Equipment          550
        750
Liability and Equity
Deferred Revneu          145
Notes Payable          180
Common Stock            60
Retained Earnings          365
        750

3

Answer is 365

ekkarill92 answered 1 year ago
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