Woodward Enterprises Had the Following Events During 2013: the Business

question 106

Multiple Choice

Woodward Enterprises had the following events during 2013: The business issued $20,000 of common stock to its stockholders.
The business purchased land for $12,000 cash.
Services were provided to customers for $16,000 cash.
Services were provided to customers for $5,000 on account.
The company borrowed $16,000 from the bank.
Operating expenses of $12,000 were incurred and paid in cash.
Salary expense of $800 was accrued.
A dividend of $4,000 was paid to the owners of Woodward Enterprises.
Assuming the company began operations during 2013, the amount of retained earnings as of December 31, 2013 would be:

• A)$4,200
• B)$5,000
• C)$8,200
• D)$21,000

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Definitions:

Jury

A group of citizens selected to hear the evidence in a legal case and make a decision or verdict based on the facts presented during the trial.

Civil Disputes

Conflicts between individuals, corporations, or government bodies resolved through the civil justice system, rather than criminal proceedings.

Not Guilty

A legal verdict indicating that the prosecution has not proved beyond a reasonable doubt that the accused committed the crime.

Criminal Matter

A legal case or issue involving actions that are against the law and subject to prosecution and punishment.