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| 1 | Ending retained earnings = Beginning retained earnings + Net Income - Dividend paid | ||
| Retained earnings: | |||
| Ending balance | = | $ 2,550 | |
| Add: | Dividend paid | = | $ 500 |
| Less: | Net Income ($2600 - $1135) | = | $ -1,465 |
| Beginning balance | = | $ 1,585 | |
| Therefore, Retained earnings at the beginning of 2011 was $1,585 | |||
| 2 | Assets = Liabilities + Common Stock + Retained earnings | ||
| Beginning balances: | |||
| Assets | = | $ 1,250 | |
| Less: | Liabilities | = | $ 420 |
| Less: | Common stock | = | $ 500 |
| Retained earnings | = | $ 330 | |
| Ending retained earnings = Beginning retained earnings + Net Income - Dividend paid | |||
| Retained earnings: | |||
| Ending balance | = | $ 600 | |
| Add: | Dividend paid | = | $ 500 |
| Less: | Beginning balance | = | $ -330 |
| Net Income | = | $ 770 | |
| Therefore, Net Income for year 2011 is $770 | |||
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