Homework Answers
1.Revenue = Net Income + Expenses = 84,500+34,500 = 1,19,000
2.Net Income = Ending Retained Earnings + Dividend = 133500+ 19500 = 153000
Beginning Retained Earnings = Ending Retained Earnings +Dividend - Net Income
=133500+19500-153000
=0
3. Liabilities = Assets - Common stock =238000 - 41500 = 196500
Retained Earnings = Assets - Common stock - Liabilities = 238000-196500-41500 = 0
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34,000*
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Fill in the two blanks.
*The beg. retained earnings answer is not 11,000 or
34,000*
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im having trouble understanding exactly how to answer this
problem
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