Homework Answers
SeRvice revenue = $840,000
Operating expense = $750,000
Net income = Service revenue - Operating expenses
= 840,000 - 750,000
= $90,000
|
Statement of Retained Earnings |
||
|
Beginning retained earnings |
450,000 |
|
|
Add: Net profit |
90,000 | |
|
Less:Dividends |
-60,000 | |
| 30,000 | ||
|
Retained earnings, Ending |
$480,000 | |
Retained earnings, Ending = $480,000
Correct option is first
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Question Information
Submission Format:
Please answer the question in the submission format and fill out
all sections. Thank you!
E3-17 Subsidiary Acquired at Net Book Value LO 3-4, 3-5 On December 31, 20X8, Paragraph Corporation acquired 80 percent of Sentence Company's common stock for $136,000. At the acquisition date, the book values and fair values of all of Sentence's assets and liabilities were equal. Paragraph uses the equity method in accounting for its investment. Balance sheet information provided by the...
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Question Information:
Submission Format:
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