Homework Answers
Total assets
Cash + account receivable + land
= 2200 + 1150 + 1400
= 4750
Accounts payable = 750
Net asset = 4,000
Out of which common stock is 1,575
Therefore retained earnings where
= 4,000 - 1,575
= $2,425
Increase in retained earnings = revenue - expense
= 1400 - 850
= 550
Assuming that the Dividend is paid from the retained earnings. Therefore retained earnings will reduce by 1,100
Therefore retained earnings as on 1st Jan
= 2,425 + 550 - 1,100
= $1,875
If the dividend is not be paid from restained earnings then the retained earnings balance will be
= 2425 + 550
= $2,975 which is option 1
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