Homework Answers
Net income=Revenue-Expenses
=(240,000-144,000)=$96000
Addition to retained earnings=Net income-Dividends
=(96,000-24,000)=$72,000
Ending retained earnings=Beginning retained earnings+Addition to retained earnings
=(1,692,000+72,000)
=$1,764,000 credit.
NOTE:
If purchased on cash;purchase of equipment would increase fixed assets and decrease cash balance.
While;
If purchased on credit;it would increase creditors and increase fixed assets.
Hence this transaction would not affect retained earnings.
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