Coronado Industries compiled the following financial information as of December 31, 2017: Service revenue $1181000 Common...
Coronado Industries compiled the following financial information as of December 31, 2017:
Service revenue $1181000 Common stock 240000 Equipment 307000 Operating expenses 980000 Cash 277000 Dividends 75000 Supplies 45000 Accounts payable 167000 Accounts receivable 108500 Retained earnings, 1/1/17 607000
Coronado retained earnings on December 31, 2017 are:
Homework Answers
first let us know the net income:
| service revenue | 1181000 |
| less:operating expenses | (980000) |
| net income | 201,000 |
now retained earnings on december 31 2017:
| retained earnings 01/01/2017 | 607,000 |
| add:net income | 201,000 |
| less:dividends | (75,000) |
| retained earnings on december 31 2017 | 733,000 |
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