Warren Enterprises had the following events during 2016: The business issued $26,000 of common stock to...
| Warren Enterprises had the following events during 2016: |
| The business issued $26,000 of common stock to its stockholders. |
| The business purchased land for $18,000 cash. |
| Services were provided to customers for $22,000 cash. |
| Services were provided to customers for $11,000 on account. |
| The company borrowed $22,000 from the bank. |
| Operating expenses of $18,000 were incurred and paid in cash. |
| Salary expense of $1,400 was accrued. |
| A dividend of $10,000 was paid to the stockholders of Warren Enterprises. |
| Assuming the company began operations during 2016, the amount of retained earnings as of December 31, 2016 would be: |
Homework Answers
|
Net income = Revenues - Expenses = (22,000+11,000) - (18,000+1,400) = 13,600 Retained earnings as of December 31,2016 = Net income - Dividends paid = 13,600 - 10,000 = 3,600 |
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