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 $355,500 and common stock of $211,000. During the current year, assets increased by $411,000, liabilities decreased by $55,500 and common stock increased by $286,000. 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 change in total stockholders' equity during the year?

3. The first year of operations for a company was Year 1. The net income for Year 1 was $21,900 and dividends of $12,950 were paid. In Year 2, the company reported net income of $35,900 and paid dividends of $5,950. At the end of Year 1, the company had total assets of $169,000. At the end of Year 2, the company had total assets of $ $259,000.
What is the amount of retained earnings at the end of Year 2?

Expert Solution

ekkarill92 answered 2 years ago

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.$176,000b.$453,000c.$226,000d.$277,000

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.

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

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CURRENT RATIO What is the formula? Current assets/current liabilities pg 51 Calculate the ratio current year. Page________ 7266/10132=.72 Calculate the ratio for the prior year. Page_______ 8753/9501=.92 Analyze the ratio trend. 2. RETURN ON ASSETS What is the formula? net income/avg total assets Calculate the ratio current year. 10990/((120,232)=9.15% Page_______19_ Calculate the ratio for the prior year. Page_______ 3642/(120,480)=3.02% Analyze the ratio trend. 3. RECEIVABLE TURNOVER RATIO What is the formula?Net credit Sales/Average Account Receivable Calculate the ratio current year....

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