Homework Answers
Beginning assets = $60,000
Beginning liabilities = $40,000
Beginning retained earnings = $18,000
Revenues = $100,000
Expenses = $70,000
Dividends = $15,000
1.
Net Income = Revenues - Expenses
= 100,000-70,000
= $30,000
2.
Stockholders equity, beginning = Beginning assets - Beginning liabilities
= 60,000-40,000
= $20,000
3.
Retained earnings, ending = Beginning retained earnings + Net income - Dividends
= 18,000+30,000-15,000
= $33,000
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