Homework Answers
Answer : Option A, $19,000
Explanation :
As we know that,
Beginning retained earnings + Net income - Dividends = Ending inventory
Step 1 :
let us find beginning retained earnings :
Beginning retained earnings = total assets - liabilities - common stock
= $40,000 - $15,000 - $12,000
= $13,000
Step 2 : substitute the values in the equation
Beginning retained earnings + Net income - Dividends = Ending inventory
$13,000 + Net income - $14,000 = $18,000
Net income = $18,000 + $14,000 - $13,000
= $19,000
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