QUESTION 2 The following information was taken from the February financial state

Question

QUESTION 2 The following information was taken from the February financial statements of the Anne Marie Corporation. Determine the dollar amount of resources borrowed by the company as of the end of February S660,00 $80,00 $20,00 $160,00 S420,00 $160,00 $210,00 ssets, February 28 ommon Stock, February 28 Dividends, February 1 through February 28 Expenses, February 1 through February 28 Liabilities, February 28 Retained Earnings, February 28 Revenues, February 1 through February 28 a. $80,000 b. $50,000 C. S420,000 d. $30,000

Explanation / Answer

2 Revenue 210000 Less Expense 160000 Net income 50000 Less Dividend 20000 Net increase in retained earnings 30000 Correct answer is D 30,000 3 Revenue 220000 Less Expense 180000 Net income 40000 Less Dividend 5000 Net increase in retained earnings 35000 Correct answer is A 35000

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