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

question 114

Multiple Choice

Madrid Company has provided the following data (ignore income taxes) : 2016 revenues were $77,500.
2016 net income was $33,900.
Dividends declared and paid during 2016 totaled $5,700.
Total assets at December 31, 2016 were $217,000.
Total stockholders' equity at December 31, 2016 was $123,000.
Retained earnings at December 31, 2016 were $83,000.
Which of the following is not correct?

• A)2016 expenses were $43,600.
• B)Total liabilities at December 31, 2016 were $94,000.
• C)Retained earnings increased $33,900 during 2016.
• D)Common stock at December 31, 2016 was $40,000.

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