The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.

9. Your answer is partially correct. Buffalo Corporation had the following 2020 income statement. Revenues   $104,000 Expenses   62,000     $42,000 In 2020, Buffalo had the following activity in selected accounts. Accounts Receivable 1/1/20 22,000 Revenues 104,000 12/31/20 33,000 Write-offs 1,000 Collections 92,000     Allowance for Doubtful Accounts     Write-offs 1,000     1/1/20 1,000 Bad debt expense 1,900 12/31/20 1,900 (a) Prepare Buffalo’s cash flows from operating activities section of the statement of cash flows using the direct method. Buffalo CorporationStatement of Cash Flows-Direct Method (Partial)                                                                                                                                                                                          $…

62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90. TRUE OR FALSE?

The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Sales revenue Debits Credits 2,050,000 48,000 68,000 Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 870,000 250, 000 93,000 58,000 148,000 There were 150,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a multiple-step Income statement for 2021, including EPS disclosures. (Amounts to be deducted should be Indicated with a minus sign. Round EPS answer to 2 decimal places.) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2021