Homework Answers
Revenue = $3,200
Expenses = $2,200
Dividend = $2,000
Net income = Revenue - Expenses
= 3,200 - 2,200
= $1,000
Retained earning, ending = Net income - Dividends
= 1,000 - 2,000
= $1,000 (Debit)
Retained earnings after closing on Dec 31, 1 year = $1,000 (Debit)
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solve for net income, liablilities , assets, retained
earnings
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