Which of the following statements is (are) correct about the Balance Sheet and Income Statement? a. The income statement reflects a summary of activity that occurs over some period of time. b. The balance sheet is a snapshot taken at a single point in time. c. The balance sheet reflects the market value of the firm. d. The balance sheet is a financial statement summarizing a firm's performance over a period of time.
Bogus Goods Corp. has retained earnings for last year of $300, and had common stock of $220, paid-in surplus of $180. The firm earned net income of $200 and paid a $40 dividend this current financial year. Determine the balance for Bogus Goods end of year retained earnings.
Nike has the following end of year balances. Compute its long-term debt balance. Cash $30 Accounts payable $20 Net fixed Asset $220 Inventory $90 Stockholder's Equity $50 Accounts receivable $30