Question
l Week 2 - Graded Homework The following information is reported for Kinney Corporation at the end of 2013. Accounts Receivable $34,500 Retained Earnings $?
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Week 2 - Graded HomeworkThe following information is reported for Kinney Corporation at the end of 2013.
| Accounts Receivable | $34,500 | Retained Earnings | $? | |
| Accounts Payable | 16,500 | Supplies Inventory | 13,500 | |
| Cash | 12,000 | Equipment | 207,000 | |
| Common Stock | 165,000 |
a. Compute the amount of retained earnings at the end of 2013. $Answer
b. If the amount of retained earnings at the beginning of 2013 was $45,000, and $18,000 in cash dividends were declared and paid during 2013, what was its net income for 2013?
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
