Homework Answers
1) Calculate ending retained earnings
| Year | Net income (loss) | Dividends | Ending retained earnings |
| 20A | 5.55 | 1.32 | 4.23 |
| 20B | 2.75 | 1.55 | 4.23+2.75-1.55 = 5.43 |
| 20C | -0.10 | 0.50 | 5.43-0.10-0.50 = 4.83 |
| 20D | 1.25 | 1.00 | 4.83+1.25-1 = 5.08 |
2) Total amount of debits = 25000+20000+125000+500000-75000 = 595000
Ending retained earnings = 595000-15000-450000 = 130000
Total current assets = 25000+20000+125000 = 170000
Book value of equipment = 500000-75000 = 425000
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