Question
Please Help ME QUICKLY with this question. Thank you ABC Company ended Year 1 with the following account balances: Cash $560, Common Stock $520, and
Please Help ME QUICKLY with this question. Thank you
ABC Company ended Year 1 with the following account balances:
Cash $560, Common Stock $520, and Retained Earnings $300.
The following transactions occurred during Year 2:
Issued common stock for $19,000 cash.
ABC borrowed an additional $12,900 from Chris Bank.
ABC earned $8,700 of revenue on account.
ABC incurred $3,300 of operating expenses on account.
Cash collections of accounts receivables were $6,500.
ABC provided additional services to customers for $1,700 cash.
ABC purchased land for $15,000.
ABC used $2,600 in cash to make a partial payment on its accounts payable.
ABC declared and paid a $280 dividend to the stockholders.
On December 31 ABC had accrued salaries of $3,600.
What is the amount of retained earnings that will be shown on the balance sheet prepared at the end of Year 2?
Multiple Choice:
$6,800
$3,520
$6,520
$6,780
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