Homework Answers
| (AMOUNT IN $) | ||
| RETAINED EARNINGS 1/1/17 | 1000 | |
| ADD | REVENUES | 95000 |
| LESS | EXPENSES | 75000 |
| LESS | DIVIDEND | 5000 |
| RETAINED EARNINGS 12/31/17 | 16000 |
Ans $ 16000
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[The following information applies to the questions
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Required information
Preparing an Income Statement, Statement of Retained Earnings,
and Balance Sheet and Interpreting the Financial Statements [LO
1-2, LO 1-3]
[The following information applies to the questions
displayed below.]
Assume you are the president of High Power Corporation. At the
end of the first year of operations (December 31), the following
financial data for the company are available:
Accounts Payable
$
33,100
Accounts Receivable
11,050
Cash
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Common Stock
60,090
Dividends
2,050
Equipment
89,000
Notes Payable
1,760
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