Multiple Choice
The December 31,2014,balance sheet of Giorgio Inc.,reported total assets of $1,050,000 and total liabilities of $680,000.The following information relates to the year 2015:
•Madden Inc.issued an additional 5,000 shares of common stock at $25 per share on July 1,2015.
•Madden Inc.paid dividends totaling $80,000.
•Net income for 2015 was $110,000.
•No other changes occurred in stockholders' equity during 2015.
The stockholders' equity section of the December 31,2015,balance sheet would report a balance of
A) $400,000.
B) $685,000.
C) $525,000.
D) $835,000.
Correct Answer:
Verified
Correct Answer:
Verified
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