Please, help me understand how to calculate this and please write legible. Thank you! Stosch Company's...
Please, help me understand how to calculate this and please write legible. Thank you!
Stosch Company's balance sheet reported assets of $47,000, liabilities of $16,000 and common stock of $13,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $22,000 and Stosch paid a $15,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following?
a. $19,000
b. $18,000
c. $4,000
d. $15,000
Homework Answers
Beginning assets = $47,000
Beginning liabilities = $16,000
Beginning common stock = $13,000
Beginning assets = Beginning liabilities + Beginning common stock + Retained earnings, beginning
47,000 = 16,000+13,000+Retained earnings, beginning
Retained earnings, beginning = $18,000
Retained earnings, ending = $22,000
Dividend = $15,000
Net Income = ?
Retained earnings, ending = Retained earnings, beginning+Net Income - Dividend
22,000 = 18,000+Net income - 15,000
Net Income = $19,000
Correct option is a.
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Please, help me understand how to calculate this and please
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