Golden Enterprises started the year with the following: Assets $117.000; Liabilities $40,500; Common Stock $70,500
Golden Enterprises started the year with the following: Assets $117.000; Liabilities $40,500; Common Stock $70,500; Retained Earnings $6,000. During the year, the company earned revenue of $6,200, all of which was received in cash, and incurred expenses of $3,600, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,200 to owners. Assume no other activities occurred during the year.
The amount of Golden's retained earnings at the end of the year is:
Multiple Choice
$12,200
$6,400
$2,200
Homework Answers
| $6,400 | |
| Statement showing Computations | |
| Particulars | Amount |
| Revenue | 6,200.00 |
| Less Expenses | (3,600.00) |
| Income =6200 - 3600 | 2,600.00 |
| Beginning retained earnings | 6,000.00 |
| Add Income | 2,600.00 |
| Less dividends | (2,200.00) |
| Ending retained earnings = 6000+2600-2200 | 6,400.00 |
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