Key Enterprises started the year with the following: Assets $100,000; Liabilities $30,000; Common Stock $60,000; Retained...

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Key Enterprises started the year with the following: Assets $100,000; Liabilities $30,000; Common Stock $60,000; Retained Earnings $10,000. During the year, the company earned revenue of $5,000, all of which was received in cash, and incurred expenses of $3,000, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,000 to owners. Assume no other activities occurred during the year. The amount of Golden's retained earnings at the end of SE:70,000 the year is: a. $12,000. b. $11,000. c. $1,000. d. $15,000 2,000 (h) Deana & Company determines income tax expense based on its adjusted net income before income tax. The current enacted income tax rate is 21%. Debit and credit the accounts affected 12/31/Y1 Key Enterprises started the year with the following: Assets $100,000; Liabilities $30,000; Common Stock $60,000; Retained Earnings $10,000. During the year, the company earned revenue of $5,000, all of which was received in cash, and incurred expenses of $3,000, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,000 to owners. Assume no other activities occurred during the year. The amount of Golden's retained earnings at the end of SE:70,000 the year is: a. $12,000. b. $11,000. c. $1,000. d. $15,000 2,000 (h) Deana & Company determines income tax expense based on its adjusted net income before income tax. The current enacted income tax rate is 21%. Debit and credit the accounts affected 12/31/Y1