Question
During its first year of operation, Cade Company experienced the following events. (1) Issued common stock for $7,000 cash. (2) Earned $5,000 of cash revenue.
During its first year of operation, Cade Company experienced the following events.
(1) Issued common stock for $7,000 cash. (2) Earned $5,000 of cash revenue. (3) Paid $3,000 of cash expenses. (4) Paid cash dividends amounting to $1,000.
After closing on December 31, the balance in the retained earning account would be
$2,000. $1,000. zero. $8,000.
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Auditing
Authors: Alan Millichamp, John Taylor
10th Edition
1408044080, 978-1408044087
