Homework Answers
| CALCULATION OF THE NET INCOME | ||
| Total Revenues | $ 7,00,000 | |
| Less: Total Expenses | $ 3,20,000 | |
| Net Income | $ 3,80,000 | |
| Answer =1) | ||
| Retained Earning Statement | ||
| Opening Balance of Retained Earning | $ 1,00,000 | |
| Add: Total Revenue of the year | $ 3,80,000 | |
| Total Available Balance | $ 4,80,000 | |
| Less: Total Dividend Paid | $ 40,000 | |
| Balance Transfer to Sharehodler's Equity | $ 4,40,000 | |
| Answer = 2) | ||
| Equity Section of Balance Sheet | ||
| Shareholder's Equity: | ||
| Share Capital | $ 2,00,000 | |
| Retained Earnings | $ 4,40,000 | |
| total of Shareholder's Equity | $ 6,40,000 | |
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Please reply in same
format.
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