Relationship between assets and retained earnings
Washington Company was organized when it acquired $2,000 cash from the issue of common stock. During its first accounting period the company earned $800 of cash revenue and incurred $500 of cash expenses. Also, during the accounting period the company paid its owners a $200 cash dividend.
Required
a.Determine the balance in the Retained Earnings account before and after the temporary accounts are closed.
b. As of the end of the accounting period, determine what percentage of total assets were provided by retained earnings.
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