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I am not sure how to figure out the number for retained earnings and also how to figure out teh net income. Assets Liabilities $16,500
I am not sure how to figure out the number for retained earnings and also how to figure out teh net income.
Assets Liabilities $16,500 Cash Accounts Receivable 18,700 Land $5,800 Accounts Payable 62,500 Total Liabilities 16,500 Stockholders' Equity Common Stock Retained Earnings 63,000 7,500 70,500 Total Stockholders' Equity $87,000 $87,000 Total Assets Total Liabilities and Stockholders' Equity a. At the end of 2015, Luxury Services had the following assets and liabilities: Cash Accounts Receivable 18,400 Land Accounts Payable 11,500 $8,800 62,500 Prepare a year-end balance sheet for Luxury Parking Services that no additional stock was issued b. Assume that stockholders did not invest any money in the business during the year but received a dividend of $15,000
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