Accounting Questions

Topics: Generally Accepted Accounting Principles, Balance sheet, Depreciation, Revenue, Asset, Inventory / Pages: 4 (990 words) / Published: Nov 26th, 2011
At the end of 2011, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2011 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2011 was
[pic]
|[pic] |$850. |
|[pic][pic] |$1,350. |
|[pic] |$4,000. |
|[pic] |$2,150. |

GAAP" stands for
[pic]
|[pic] |Generally Authorized Auditing Principles |
|[pic] |Government Authorized Accounting Procedures |
|[pic] |Generally Applied Accounting Procedures |
|[pic][pic] |Generally Accepted Accounting Principles |

The total equity of Timberlake Company at the beginning of 2011 amounted to $3,500. During 2011 the company reported net income of $1,800 and paid a $500 dividend. If retained earnings at the end of 2011 is $2,200, what was beginning contributed capital?
[pic]
|[pic] |$2,100 |
|[pic] |$3,100 |
|[pic] |$400

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