Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Given the following facts about a company's prior calendar year: Revenues were \$500,000, Expenses were \$350,000, and Dividends paid were \$30,000. What is the ending balance of Retained Earnings if the beginning Retained Earnings was \$100,000?

$250,000

$180,000

$220,000

$120,000

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Verified step by step guidance

Step 1: Understand the formula for calculating the ending balance of Retained Earnings. The formula is: Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends.

Step 2: Calculate Net Income using the formula: Net Income = Revenues - Expenses. Substitute the given values: Revenues = $500,000 and Expenses = $350,000.

Step 3: Subtract Dividends from the Net Income to account for the distribution to shareholders. Dividends paid are given as $30,000.

Step 4: Add the Beginning Retained Earnings to the result from Step 3. The Beginning Retained Earnings is provided as $100,000.

Step 5: Combine all the values calculated in the previous steps to determine the Ending Retained Earnings. Ensure all calculations follow the formula from Step 1.