Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. craft corporation's retained earnings decreased

2. Craft Corporation's retained earnings decreased by $20,000 during the year ended December 31,201. The...

90.2K

Verified Solution

Question

Accounting

image
2. Craft Corporation's retained earnings decreased by $20,000 during the year ended December 31,201. The company also reports the following information for the year ended December 31,201 : - Total Assets =$1,000,000 - Total Liabilities =$400,000 - Common Stock =$500,000 - Retained Earnings = ? - Dividends =$15,000 Assuming all the relevant facts are provided, compute net income for the year ended December 31 , 20X1. Assume the only two accounts under Shareholder's Equity are Retained Earnings and Common Stock. (1 point)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

a At a certain charity fundraiser some guests will be randomly selected to receive a...

Basic Math
Q

Using traditional methods it takes 110.0 hours to receive a basic driving license. A new license...

Statistics
Q

Assume you have a one-year investment horizon and are trying to choose among three bonds. All...

Finance
Q

a computer retail store has 11 personal computers in stock. a buyer wants to purchase 4...

Advance Math
Q

The following questions relate to nonstatistical and monetary unit sampling. Choose the best response. A number of...

Accounting
Q

Part 5 Conclusion Analyze the data from your lab to help answer the following question...

Biology
Q

Determine a lower bound for the radius of convergence of the series solution about the...

Calculus
Q

Calculate the determinant D ab c d Tabl

Algebra
Q

iable compound inequality 2x562 or X 34 10

Algebra
Q

Hi! Please refer to the image since the information in them apply to the questions/parts....

Accounting
Q

which of the follow cash flows relates to the companies financing activities

Accounting
Q

An insurance policy will only provide coverage for: Pure risk Total loss Intentional acts Speculative...

Finance