Question Details

Retained earnings reported on the statement of financial position 


1. 	During July, its first period of operations, Aju inc. sold ordinary shares for W960,000,000, earned net income of W110,000,000, and paid dividends of W27,000,000. Retained earnings at the end of July is
a.	W1,070,000,000
b.	W1,043,000,000
c.	W933,000,000
d.	W83,000,000

		

Use the following information for questions 2-5

EI Greco Corporation began operations on January 1, 2011. Presented below is selected information related to EI Greco at December 31, 2011.

Equipment		        €145,000		Utilities Expense	 		       €  18,000
Cash	42,000	Accounts Receivable	41,000
Service Revenue	324,000	Wages Expense	121,000
Rent Expense	39,000	    Notes Payable	48,000
Accounts Payable	  22,000		Dividends 	45,000	  Share Capital	  84,000		Wages Payable	8,000
Supplies	  15,000		Advertising Expense	20,000

2. 	The statement of financial position at December 31, 2011 reports total assets of 
a.	€160,000
b.	€202,000
c.	€228,000
d.	€243,000

		

3. 	The statement of financial position at December 31, 2011 reports total liabilities of 
a.	€30,000
b.	€60,000
c.	€78,000
d.	€119,000

		

4. 	Net income (loss) reported on the income statement for the month of December is 
a.	€126,000
b.	€90,000
c.	€81,000
d.	€48,000

		
5. 	Retained earnings reported on the statement of financial position at December 31, 2011 is
a.	€165,000
b.	€126,000
c.	€84,000
d.	€81,000



Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help