ParrishSheets Chapter 1 Homework Quiz andria Henshaw Attempt

Parrish-Sheets Chapter 1 Homework -Quiz andria Henshaw: Attempt 1 Question 42 (1 point) Calculate the missing amount for each of the following situations. Revenues for 2014 Dividends declared in 2014 Expenses for 2014 January 1 retained earnings balance December 31 retained earnings balance S46,000 $30,000 $13,000 $22,000 Make sure your answer does not include a \"$\" (dollar sign) or\" number; such as \"55000\" abc Save Question 43 (1 point)

Solution

42) Calculate Dividend declared for 2014 :

Dividend Declared = Beginning retained earnings+Net income-Ending retained earnings

= 13000+16000-22000

Dividend Declared = 7000

Net income = (46000-30000) = 16000

So dividend declared for 2014 is 7000