Calculate net income and retained earnings. (LO 1) Capboy Company earned ($ 5,000) of revenues and incurred
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Calculate net income and retained earnings. (LO 1)
Capboy Company earned \(\$ 5,000\) of revenues and incurred \(\$ 2,950\) worth of expenses during the period. Capboy also declared and paid dividends of \(\$ 500\) to its shareholders. What was net income for the period? Assuming this is the first year of operations for Capboy, what is the ending balance in retained earnings for the period?
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