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

question 29

Multiple Choice

Madrid Company has provided the following data (ignore income taxes) :
2010 revenues were $77,500.
2010 net income was $33,900.
Dividends declared and paid during 2010 totaled $5,700.
Total assets on December 31,2010 were $217,000.
Total stockholders' equity on December 31,2010 was $123,000.
Retained earnings on December 31,2010 were $83,000.
Which of the following is not correct?

• A)2010 expenses were $43,600.
• B)Total liabilities on December 31, 2010 were $94,000.
• C)Retained earnings increased $33,900 during 2010.
• D)Contributed capital on December 31, 2010 was $40,000.

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Definitions:

Underinsured

A situation where an individual has health insurance that does not adequately cover their medical expenses or healthcare needs.

Undercover

The practice of disguising one's identity for the purpose of gathering information or evidence secretly, often used in law enforcement and journalism.

Homeless Person

An individual who lacks stable, permanent, and adequate housing, often living in shelters, on the streets, or in places not meant for human habitation.

Just-World Hypothesis

The cognitive bias suggesting that actions invariably lead to fair and just consequences, essentially believing that the world is fundamentally just.