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Whispering Winds Corp.compiled the following financial information as of December 31, 2017: Service revenue Common stock Equi
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Answer #1
CALCULATION OF NET INCOME AS ON DECEMBER 31 2017
Service Revenue $8,41,000
Less : Operating expenses $7,41,000
Net Income $1,00,000
CALCULATION OF RETAINED EARNING AS ON DECEMBER 31 , 2017
Opening balance of retained earnings $4,45,000
Add: Net income of the year $1,00,000
Total Balance available $5,45,000
Less : Dividend paid $59,000
Ending balance of Retained Earnings $4,86,000
Answer = Option 4 = $ 486,000
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