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Nelson Company experienced the following transactions during Year 1, its first year in operation. Acquired $10,000 cash by issuing common stock. Provided $6,300 of services
Nelson Company experienced the following transactions during Year 1, its first year in operation.
- Acquired $10,000 cash by issuing common stock.
- Provided $6,300 of services on account.
- Paid $2,600 cash for operating expenses.
- Collected $3,900 of cash from customers in partial settlement of its accounts receivable.
- Paid a $300 cash dividend to stockholders.
What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1?
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