Concept #1: BASE Formula: Accounts Receivable

Concept #2: BASE Formula: Retained Earnings

Additional Problems
If the beginning and ending balances in retained earnings are $10,000 and $18,000, respectively, and dividends during the year are $20,000, then net income for the year is a. $8,000 b. $30,000 c. $28,000 d. $38,000 e. Indeterminable from the data given
At the end of 2007, Libby Company reported an ending balance for retained earnings of $50,000. During 2008, the company reported the following amounts: Dividends declared and paid, $30,000; sales revenue, $80,000; expenses, $40,000. The 2008 Statement of Stockholders’ Equity should report an ending balance for retained earnings of: a. $40,000 b. $60,000 c. $80,000 d. $90,000
The following information is available for Buckeye Company: Buckeye Company reported revenues of $57,000 during 2003 and paid dividends of $10,000 during 2003. Calculate the total expenses incurred by Buckeye Company during 2003.
The following information was taken from the accounting records of XYZ Company for the year ended December 31, 2008: Calculate the amount of dividends XYZ Company paid to its stockholders during 2008.
The following information is available for Buckeye Company: Buckeye Company reported expenses of $35,000 during 2003 and paid dividends of $10,000 during 2003. Calculate the total revenues earned by Buckeye Company during 2003.
On January 1, 2009 Gucci Brothers Inc. started the year with a $500,000 credit balance in retained earnings and $600,000 balance in common stock. During 2009, the company earned net income of $100,000, declared a dividend of $15,000, and issued more stock for $25,000. What is total stockholders' equity on December 31, 2009?  a. $1,100,000 b. $1,210,000 c. $1,225,000 d. $1,240,000
During October, Corporation Incorporated had credit sales of $350,000. The balance sheet at October 1 and 31 showed a balance in Accounts Receivable of $125,000 and $175,000, respectively, and a balance in Accounts Payable of $200,000 and $110,000, respectively. What amount of cash was collected from customers on account during October? a. $350,000 b. $300,000 c. $50,000 d. $40,000
On Jan 1, a corporation has $1,000 in retained earnings. Throughout the year, they have $500 in net income and pay $400 in dividends. What is the corporation's ending retained earnings?
As of January 1, the C Company’s retained earnings account had a credit balance of $100,500. During the year, net income was $58,500 and dividends of $32,000 were paid. Required: What is the balance of the retained earnings account at December 31?