From the information below calculate the amount of ending Retained Earnings at the end of the...
From the information below calculate the amount of ending Retained Earnings at the end of the year?
Beginning Retained Earning Balance $68,000. Interest Income $3,000.
Cash 43,000. Sales Revenue 76,000.
Cost of Goods Sold 17,200. Postage 3,600.
Dividends paid to Shareholder 30,000. Salaries expense 5,200.
Accounts Payable 27,000 Common Stock 27,000
Operating Expenses 15,350 Accounts Payable 9,000
| A. |
$119,850 |
|
| B. |
$102,650 |
|
| C. |
$75,650 |
|
| D. |
$156,650 |
|
| E. |
$92,850 |
Homework Answers
Answer: The correct option is C I.e. $75,650
Total Revenue = Interest Income + Sales Revenue
Total Revenue = $3,000 + $76,000
Total Revenue = $79,000
Total Expenses = Cost of Goods Sold + Postage + Salaries Expense
+ Operating Expense
Total Expenses = $17,200 + $3,600 + $5,200 + $15,350
Total Expenses = $41,350
Net Income = Total Revenue – Total Expenses
Net Income = $79,000 - $41,350
Net Income = $37,650
Ending Retained Earnings = Beginning retained earning + Net
Income - Dividend
Ending retained Earnings = $68,000 + $37,650 - $30,000
Ending Retained Earnings = $75,650
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