Question
The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $28,000 Retained Earnings $ ? Accounts Payable 12,000 Supplies 8,000 Cash
The following information appears in the records of Bock Corporation at year-end:
| Accounts Receivable | $28,000 | Retained Earnings | $ ? | |
| Accounts Payable | 12,000 | Supplies | 8,000 | |
| Cash | 7,000 | Equipment, net | 145,000 | |
| Common Stock | 115,000 |
a. Calculate the balance in Retained Earnings at year-end.
b. If the amount of the retained earnings at the beginning of the year was $38,000 and $13,000 in dividends is paid during the year, calculate net income for the year.
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
