Accounting Homework Help

1/Gilkey Corporation began the year with retained earnings of $310,000. During the year, the company issued

$420,000 of common stock, recorded expenses of $1,200,000, and paid dividends of $80,000. If Gilkey’s ending retained earnings was $330,000, what was the company’s revenue for the year?

A.$1,720,000

B.$1,220,000

C.$1,300,000

D.$1,640,000

2/A local retail shop has been operating as a sole proprietorship. The business is growing and now the owner wants to incorporate. Which of the following is not a reason for this owner to incorporate?

3/Kilmer Corporation began 2022 with total stockholder’s equity of $1,270,000, including retained earnings of $930,000. During the year, the company issued $1,260,000 of common stock, recorded expenses of $3,600,000, and paid dividends of $240,000. If Kilmer’s ending retained earnings was $990,000, what was the company’s revenue for 2022?

A.$4,920,000

B.$5,160,000

C.$3,900,000

D.$3,660,000