Quiz 1

1.   Stimpleton Company engages in the following cash payments:

What is the total amount of cash paid for operating activities?

2. Emmitt had the following final balances after the first year of operations: assets, $35,300; stockholders’ equity, $13,400; dividends, $3,900; and net income, $9,600. What is the amount of Emmitt’s liabilities?

3.   Use the following appropriate amounts to calculate net income: Revenues, $10,000; Liabilities, $3,400; Expenses, $4,500; Assets, $17,300; Dividends, $1,500.

4.  DW has an ending Retained Earnings balance of $52,600. If during the year DW paid dividends of $5,000 and had net income of $22,600, then what was the beginning Retained Earnings balance?

5.  The ending Retained Earnings balance of Boomer Inc. decreased by $1.9 million from the beginning of the year. The company declared a dividend of $4.6 million during the year. What was the net income for the year?

6.  Given the information below about Thomas Corporation, what was the amount of dividends the company paid in the current period?

7. Nina Corp. had the following net income (loss) for the first three years of operations, respectively: $7,100, ($1,600), and $3,600. If the Retained Earnings balance at the end of year three is $1,100, what was the total amount of dividends paid over these three years?

8.  Aikman Company paid dividends of $2,470, $0, $1,510 and $970 over the first four years of the company’s existence, respectively. If Retained Earnings has an ending balance of $10,500 at the end of year four, what was the average annual amount of net income (loss) over the first four years for Aikman? (Round your answer to the nearest dollar amount.)

9. On January 1, Gucci Brothers Inc. started the year with a $709,000 balance in Retained Earnings and a $601,000 balance in common stock. During the year, the company reported net income of $104,000, paid a dividend of $14,800, and issued more common stock for $29,000. What is total stockholders’ equity at the end of the year?