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On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: Rafael Masey transferred cash from a personal bank
On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:
- Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $17,500.
- Purchased supplies on account, $2,300.
- Earned sales commissions, receiving cash, $13,300.
- Paid rent on office and equipment for the month, $3,000.
- Paid creditor on account, $1,150.
- Paid dividends, $1,800.
- Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
- Paid office salaries, $2,800.
- Determined that the cost of supplies used was $1,050.
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QUESTION:
What is the ending retained earnings for the month ending August 20Y7.
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