Homework Answers
Net Income = Service revenue - Operating expenses
= 829,000-729,000
= $100,000
Retained earnings, ending = Retained earnings, beginning + Net Income - dividends
= 445,000+100,000-56,000
= $489,000
Metlock's Stockholders equity on December 31, 2022 = Common stock + Retained earnings, ending
= 183,000+489,000
= $672,000
Fourth option is correct option.
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