Homework Answers
1) Solution:
|
Net income / loss |
Retained Earnings |
|
11,700 |
8,850 |
|
-3,300 |
-3,300 |
|
21,700 |
15,850 |
|
51,700 |
40,850 |
Working:
|
Revenue |
Expenses |
Dividends |
Net income / loss |
Retained Earnings |
|
|
Year-1 |
18,400 |
6,700 |
2,850 |
11,700 |
8,850 |
|
Year-2 |
8,400 |
11,700 |
-3,300 |
-3,300 |
|
|
Year-3 |
48,400 |
26,700 |
5,850 |
21,700 |
15,850 |
|
Year-4 |
93,400 |
41,700 |
10,850 |
51,700 |
40,850 |
Formulas used:
Net income = Revenue - Expenses
Retained earnings = Net income - Dividends
2) Solution:
|
Net income / loss |
Retained Earnings |
|
15,380 |
12,530 |
|
-3,300 |
-3,300 |
|
21,700 |
15,850 |
|
70,380 |
59,530 |
Working:
|
Revenue |
Expenses |
Dividends |
Net income / loss |
Retained Earnings |
|
|
Year-1 |
22,080 |
6,700 |
2,850 |
15,380 |
12,530 |
|
Year-2 |
8,400 |
11,700 |
-3,300 |
-3,300 |
|
|
Year-3 |
48,400 |
26,700 |
5,850 |
21,700 |
15,850 |
|
Year-4 |
112,080 |
41,700 |
10,850 |
70,380 |
59,530 |
Revenue Year-1: 18,400 + 20% * 18,400 = 22,080
Revenue Year-4: 93,400 + 20% * 93,400 = 112,080
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