1. a. The Beta Corporation had 2007 revenues of $200,000,expenses of $140,000, a
ID: 2446408 • Letter: 1
Question
1. a. The Beta Corporation had 2007 revenues of $200,000,expenses of $140,000, and an income tax rate of 30percent. Net income after taxes would be b. Atlantic Corporation reported the following amounts at theend of the first year of operations, December 31, 2006: contributedcapital $100,000; sales revenue $400,000; total assets $300,000;$20,000 dividends; and total liabilities $160,000. Retainedearnings and total expenses would be c. On January 1, 2006 Mammoth Corporation had retainedearnings of $4,000,000. During 2006, they had net income of$750,000 and dividends of $100,000. What is the amount ofMammoth's retained earnings at the end of 2006? d. At the beginning of 2007, Buck Corporation had assets of$540,000 and liabilities of $320,000. During the year, assetsincreased by $50,000 and liabilities decreased by$10,000. What was the total amount of stockholders' equity atthe end of 2007 1. a. The Beta Corporation had 2007 revenues of $200,000,expenses of $140,000, and an income tax rate of 30percent. Net income after taxes would be b. Atlantic Corporation reported the following amounts at theend of the first year of operations, December 31, 2006: contributedcapital $100,000; sales revenue $400,000; total assets $300,000;$20,000 dividends; and total liabilities $160,000. Retainedearnings and total expenses would be c. On January 1, 2006 Mammoth Corporation had retainedearnings of $4,000,000. During 2006, they had net income of$750,000 and dividends of $100,000. What is the amount ofMammoth's retained earnings at the end of 2006? d. At the beginning of 2007, Buck Corporation had assets of$540,000 and liabilities of $320,000. During the year, assetsincreased by $50,000 and liabilities decreased by$10,000. What was the total amount of stockholders' equity atthe end of 2007 d. At the beginning of 2007, Buck Corporation had assets of$540,000 and liabilities of $320,000. During the year, assetsincreased by $50,000 and liabilities decreased by$10,000. What was the total amount of stockholders' equity atthe end of 2007Explanation / Answer
a Net Income after taxes Revenues 200,000.00 Expenses (140,000.00) Net Income before Taxes 60,000.00 Income Tax (18,000.00) Net Income afterTaxes 42,000.00 b Total Assets 300,000.00 Total Liabilities (160,000.00) Shareholders' Equity 140,000.00 Contributed Capital 100,000.00 Retained Earnings 40,000.00 Sales Revenue 400,000.00 Expenses 360,000.00 c Retained Earnings as on 1-1-2006 4,000,000.00 Net Income during the year 750,000.00 Dividends (100,000.00) Retained Earnings as on31-12-2006 4,650,000.00 d Assets at the beginning 540,000.00 Assets at the end 590,000.00 Liabilities at the beginning 320,000.00 Liabilities at the end 310,000.00 Stockhoders' equity at theend 280,000.00
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