1. Golden Enterprises started the year with the following: Assets…

1. Golden Enterprises started the year with the following: Assets $117,000; Liabilities $40,500; Common Stock $70,500; Retained Earnings $6,000. During the year, the company earned revenue of $6,200, all of which was received in cash, and incurred expenses of $3,600, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,200 to owners. Assume no other activities occurred during the year.
The amount of Golden’s net income for the year is:
2. Golden Enterprises started the year with the following: Assets $117,000; Liabilities $40,500; Common Stock $70,500; Retained Earnings $6,000. During the year, the company earned revenue of $6,200, all of which was received in cash, and incurred expenses of $3,600, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,200 to owners. Assume no other activities occurred during the year.
The amount of Golden’s retained earnings at the end of the year is:
3. Golden Enterprises started the year with the following: Assets $117,000; Liabilities $40,500; Common Stock $70,500; Retained Earnings $6,000. During the year, the company earned revenue of $6,200, all of which was received in cash, and incurred expenses of $3,600, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,200 to owners. Assume no other activities occurred during the year.
The amount of Golden’s liabilities at the end of the year is:
4. Golden Enterprises started the year with the following: Assets $119,000; Liabilities $41,000; Common Stock $71,000; Retained Earnings $7,000. During the year, the company earned revenue of $6,300, all of which was received in cash, and incurred expenses of $3,650, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,300 to owners. Assume no other activities occurred during the year.
The amount of Golden’s assets at the end of the year is:
5.Blue Fin started the current year with assets of $708,000, liabilities of $354,000 and common stock of $208,000. During the current year, assets increased by $408,000, liabilities decreased by $54,000 and common stock increased by $283,000. There was no payment of dividends to owners during the year.
Based on this information, what was the amount of Blue Fin’s retained earnings at the beginning of the year?