Question: during 2016 banigo corporation experienced an increase in total assets...
During 2016, Banigo Corporation experienced an increase in total assets of $72,600 and an increase in total liabilities of $40,900. Assuming that capital stock increased by $5,000 and no dividends were paid, calculate Banigo's net income or net loss for 2016.
a. Net loss of $45,900
b. Net income of $26,700
c. Net income of $67,600
d. Net loss of $31,700
Which of the following statements is FALSE?
a. The statement of cash flows shows the cash inflows and outflows over a period of time.
b. The statement of retained earnings shows the change in retained earnings between the beginning and end of a period.
c. The income statement reflects a company's profitability during a period of time.
d. The balance sheet reflects a company's profitability from operations.
e. The balance sheet represents a “snapshot” of the company's solvency and financial position.
a. An unincorporated business owned by two or more persons.
b. A business chartered directly by Congress.
c. A business incorporated under the laws of a state and owned by a single proprietor.
d. A business incorporated under the laws of a state and owned by stockholders.
e. Only incorporated by the IRS.
f. A government agency.