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Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Suppl

Determining Retained Earnings and Net Income
The following information appears in the records of Bock Corporation at year-end:
Accounts Receivable $23,000 Retained Earnings ?
Accounts Payable 00 Supplies
Cash
Common Stock 110,000
9,000
8,000 Equipment, net 154,000
a. Calculate the balance in Retained Earnings at year-end
$ 0
b. If the amount of the retained earnings at the beginning of the year was $30,000 and
$12,000 in dividends is paid during the year, calculate net income for the year.
$42,000

Sep 02 2020 Read more Less More

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