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Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2017: Sales $ 560,000 Cost of goods sold
Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2017:
Sales | $ 560,000 | Cost of goods sold | $400,000 | |
Salary expense | 40,000 | Interest expense | 30,000 | |
Dividends | 30,000 | Income tax expense | 25,000 |
How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2017, if this is the first year of operations?
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