12

Calculate the revenue for the year ending December 31, 2016, based on the information given below.

2016

2017

Retained earnings, January 1

$14,500

$X

Revenue for the year

Y

48,500

Expenses for the year

44,800

42,700

Dividends paid

3,500

5,700

The ending balance of retained earnings on December 31, 2017, is $18,500.

$15,400

$33,800

$52,200

$18,400