Lorenta Company Has Provided the Following Data (Ignore Income Taxes)

question 59

Multiple Choice

Lorenta Company has provided the following data (ignore income taxes) : 2019 revenues were $117,300.
2019 expenses were $47,800.
Dividends declared and paid during 2019 totaled $9,500.
Total assets at December 31,2019 were $177,000.
Total liabilities at December 31,2019 were $89,000.
Common stock at December 31,2019 was $28,000.
Which of the following is not correct?

• A)2019 net income was $69,500.
• B)Total stockholders' equity at December 31,2019 was $88,000.
• C)Total liabilities and stockholders' equity at December 31,2019 was $177,000.
• D)Retained earnings on December 31,2019 were $41,700.

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