On December 31, 1999, Perez Company had assets of $150,000, liabilities of $97,500, and capital stock of
Question:
On December 31, 1999, Perez Company had assets of $150,000, liabilities of $97,500, and capital stock of $30,000. During 2000, Perez earned revenues of $45,000 and incurred expenses of $33,750. Dividends declared and paid amounted to $3,000.
a. Compute the company’s retained earnings on December 31, 1999.
b. Compute the company’s retained earnings on December 31, 2000.
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Related Book For 
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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