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Financial Forensics · Quiz 1 · 26 Oct 2025 · September 2025 term

Question 7: Kelly Tiles Incorporated has provided the following data …

Question 7

+1 markOne correct option

Kelly Tiles Incorporated has provided the following data for its 2024 operations (ignore income taxes):
2024 revenues were $149,000.
2024 expenses were $72,700.
Dividends declared and paid during 2024 totaled $14,500.
Total assets at December 31, 2024 were $305,000.
Total liabilities at December 31, 2024 were $150,000.
Common stock at December 31, 2024 was $35,000.
Which of the following is correct?

  1. A

    2024 net income was $61,800.

  2. B

    Total stockholders' equity at December 31, 2024 was $318,000.

  3. C

    Retained earnings at December 31, 2024 were $120,000.

  4. D

    Retained earnings at December 31, 2024 were $61,800.

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Correct answer

  • C

    Retained earnings at December 31, 2024 were $120,000.

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Question 7 of 25 in the IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 26 Oct 2025, in the September 2025 term (IIT M DEGREE AN EXAM QDB2 26 Oct 2025). It carries 1 mark.

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