Homework Answers
| Net Income for the year = Fes Earned - Salaries expenses - Advertising expenses - Depreciation Expenses |
| Net Income = $47,500 - $16,800 - $3,450 - $4,450 |
| Net Income = $22,800 |
| Retained Earnings at December-31 |
| Retained Earnings at December-31 = Retained earnings at the beginning + Net Income - Dividends paid |
| Retained Earnings at December-31 = $0 - $22,800 - $7,900 |
| Retained Earnings at December-31 = $14,900 |
| Therefore, the Retained Earnings at December-31 will be $14,900 |
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Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1:...
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