10. Assets totaled $25,150 and liabilities totaled $8,590 at the beginning of the year. During the year, assets decreased by $3,590 and liabilities increased by $2,890.
What is the amount of stockholders’ equity at the end of the year?
A. $15,860
B. $10,080
C. $16,560
D. $15,080
11. Golden Enterprises started the year with the following: Assets $111,000; Liabilities $39,000; Common Stock $69,000; Retained Earnings $3,000. During the year, the company earned revenue of $5,900, all of which was received in cash, and incurred expenses of $3,450, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,900 to owners. Assume no other activities occurred during the year.
The amount of Golden's assets at the end of the year is:
A. $119,350
B. $116,900
C. $120,350
D. $115,000
12. Quartz Instruments had Retained Earnings of $151,000 at December 31, 2020. Net income for 2021 was $96,000, and dividends for 2021 were $36,000. What amount of Retained Earnings should be reported at December 31, 2021?
A. $151,000
B. $211,000
C. $247,000
D. $187,000