Madrid company has provided the following data (ignore income taxes):

2014 revenues were $77,500.
2014 net income was $33,900.
dividends declared and paid during 2014 totaled $5,700.
total assets at december 31, 2014 were $217,000.
total stockholders' equity at december 31, 2014 was $123,000.
retained earnings at december 31, 2014 were $83,000.

which of the following is not correct?
a. 2014 expenses were $43,600.
b. total liabilities at december 31, 2014 were $94,000.
c. retained earnings increased $33,900 during 2014.
d. common stock at december 31, 2014 was $40,000.

C.Retained earnings increased $33,900 during 2014.

Explanation:

Total expenses during the year=Revenue- net income

                                                   =77,500-33,900

                                                   =$43,600

Therefore, option A. is correct

Total Liabilities=Total assets-total equity

                        =217,000-123,000

                       =$94,000

Therefore, option B. is correct

The formula for calculating  Retained earnings is given as follows:

Retained earnings at year end=Opening retained earnings+net income-dividend paid.

83,000=opening retained earnings+33,900-5,700

opening retained earnings=83,000-33,900+5,700

                                           =54,800

Change in retained earnings=closing retained earnings-opening retained earnings

Change in retained earnings=83,000-54,800=28,200

Therefore, Option C. is not correct

Common stock at December 31, 2014=total equity-total retained earnings

                                                              =123,000-83,000

                                                              =$40,000

Therefore, Option D. is correct

Based on the above discussion the answer is C.Retained earnings increased $33,900 during 2014.

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Explanation:

Retained earnings increased $33,900 during 2014.                  

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