hi . i understand how to do a balance sheet properly . i understand how they got all the other boxes. my wuestion is where did they get 9,500$ from in retained earnings? revenues - expenses = net income. net income - divedends = retained earnings.

Explanation Required information The following information applies to the questions displayed below.) Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $50,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2017 On that date, the following financial items for the year were determined: cash on hand and in the bank. $45,500, amounts due from customers from sales of books. $28.000 equipment, $49,000; amounts owed to publishers for books purchased, $8,500, one-year notes payable to a local bank for $4,500. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet at December 31, 2017 Assets $ Cash Accounts Receivable Equipment READER DIRECT Balance Sheet At December 31, 2017 Liabilities $ 45,500 Accounts Payable 28,000 Notes Payable 49,000 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $ 122,500 Total Liabilities and Stockholders' Equity 8,500 4,500 13,000 100,000 9,500 109,500 $ 122,500 Total Assets t1 - X https://utsa blackboard.com/wel x + heducation.com/ext/map/index.html?_con-con&external browser=0&launchUrl=https%253A%252F%252Futsa blackboard.com%252Fwebapps 10 Submitted Required information [The following information applies to the questions displayed below.) Ken Young and Kim Sherwood organized Reader Direct as a corporation, each contributed $50,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2017 On that date, the following financial items for the year were determined cash on hand and in the bank. $45,500; amounts du from customers from sales of books, $28,000, equipment, $49,000, amounts owed to publishers for books purchased, $8,500; one-year notes payable to a local bank for $4,500. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet at December 31, 2017. READER DIRECT Balance Sheet At December 31, 2017 Assets Liabilities Cash 45,500 Accounts Payable Ral Submitted Part 1 Required Information [The following information applies to the questions displayed below) Ken Young and Kim Sherwood organized Reader Direct as a corporation: each contrit business and received 4,000 shares of stock. The store completed its first year of ope that date, the following financial items for the year were determined: cash on hand an from customers from sales of books, $28,000, equipment, $49,000, amounts owed to $8,500; one-year notes payable to a local bank for $4.500. No dividends were declar during the year warded ed Required: 1. Complete the following balance sheet at December 31, 2017 ant $ Assets Cash Accounts Receivable Equipment READER DIRECT Balance Sheet At December 31, 2017 Liabilities $ 45,500 Accounts Payable 28,000 Notes Payable 49,000 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $ 122,500 Total Liabilities and Stockholders' Equity 8,500 4,500 13,000 Fences 100,000 9.500 109,500 $ 122,500 Total Assets