Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?

When a company issues common stock at a price per share greater than its par value per share, the excess should be credited to:

A.
Common Stock.

B.
Excess Capital.

C.
Paid−in Capital in Excess of —Common.

D. Retained Earnings.
Answer
C.
Paid−in Capital in Excess of —Common.

At the end of the current accounting period, account balances were as follows:
Cash, $27,000;
Accounts Receivable, $40,000;
Common Stock, $19,000;
Retained Earnings, $12,000.
Liabilities for the period were:
Answer
36000


Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?
Cash    $69,000   
Accounts Payable    $12,000

Common Stock    $21,000

Dividends    $12,000

Operating Expenses    $13,000   
Accounts Receivable   $58,000   
Inventory    $48,000   
Longminus−term
Notes Payable    $33,000

Revenues    $91,000   
Salaries Payable    $31,000   

A.
net income of $6,000

B.
net income of $78,000

C.
net income of $91,000

D.
net loss of $7,000
Answer
91000-13000=78000
So,
net income of $78,000

Which statement(s) reports the revenues, gains, expenses, and losses of an entity?

A.
Statement of cash flows and income statement

B.
Balance sheet

C.
Statement of retained earnings and statement of operations

D.
Income statement
Answer
D.
Income statement

An important rule of debits and credits is:

A.
credits increase revenue accounts.

B.
debits increase liability accounts.

C.
debits decrease asset accounts.

D.
credits increase asset accounts.
Answer
A.
credits increase revenue accounts.