Multiple Choice
A new corporation ended its first year of operations with assets of $100,000,liabilities of $75,000,and contributed capital (common shares) of $10,000.What was the corporation's profit for the year?
A) $25,000
B) $65,000
C) $90,000
D) $75,000
E) $15,000
Correct Answer:
Verified
Correct Answer:
Verified
Q46: Wilcox Limited,since it was organized in January
Q47: Prepare journal entries to record the
Q48: Cumulative preferred shares carry the right to
Q49: If a corporation that has only one
Q50: The accounting equation for a corporation is<br>A)Assets
Q52: Barb Inc issued 500 common shares in
Q53: The following account balances for Sugar Pop
Q54: One of the preference rights for preferred
Q55: Parker Corp has 1,000 $5,noncumulative,preferred shares outstanding,and
Q56: Sushi Corporation received its charter and