Homework Answers
Answer: D) 1330
.
Common stock = $1,000 -->refer 1
Net income = Revenue - Expenses = $650 - $260 = $390 -->refer 3 & 4
Dividends = $60 -->refer 5
Retained earnings = Beginning balance + Net income - Dividends
= $0 + $390 - $60
= $330
.
Total equity = Common stock + Retained earnings
= $1,000 + $330
= $1,330
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