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6 May, 23:56

On January 1, 2016, Big Hero invested $300,000 to start Hero Corporation. During the year, Hero Corporation had total revenues of $60,000 and total expenses of $16,000. Cash dividends paid totaled $12,000. What must have been the balance in Hero Corporation's total assets at the end of the year, assuming no liabilities? A. $ 32,000B. $332,000C. $268,000D. $300,000

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  1. 7 May, 00:15
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    B. $332,000

    Explanation:

    The computation of the total assets is shown below:

    = Invested amount + total revenues - total expenses - cash dividends paid

    = $300,000 + $60,000 - $16,000 - $12,000

    = $300,000 + $60,000 - $28,000

    = $300,000 + $32,000

    = $332,000

    Invested amount reflect the capital and the total revenues minus total expenses minus cash dividend reflects the retained earnings
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Home » Business » On January 1, 2016, Big Hero invested $300,000 to start Hero Corporation. During the year, Hero Corporation had total revenues of $60,000 and total expenses of $16,000. Cash dividends paid totaled $12,000.
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